FX.co ★ Elliott wave analysis of EUR/JPY for March 3 - 2015

Technical summary:

Our dominant count is that the final decline in wave (v) currently is unfolding. A break below the minor support at 133.39 will support this count and will call for a decline towards the perfect target near 125.98. At this point only a break above the resistance at 134.60 and more importantly a break above resistance at 135.63 will invalidate the bearish count for a more complex correction in wave (iv).

Trading recommendation:

We are short EUR from 133.90 with a stop placed at 135.70. If you are not short EUR yet, then sell a break below 133.51 with stop placed at 134.65.