FX.co ★ Elliott wave analysis of EUR/JPY for February 19 - 2015

Technical summary:

We are still looking for a little more upside movement in wave (iv) towards 137.65 before this correction is over. It should take wave (v) lower to 125.98 to end wave C of the expanded flat wave [2]. It's worth remembering, that after an expanded flat wave two an extended third wave should be expected. As long as support at 133.92 protect the downside, we should keep looking for wave (iv) to move a little higher, but from 137.65 or upon a break below 133.92 wave (v) lower should be expected.

Trading recommendation:

We will still look to sell the euro at 137.55 or upon a break below 133.92.