FX.co ★ Elliott wave analysis of EUR/JPY for February 5, 2016

Wave summary:

We continue to look for a minor correction towards 128.55 in wave ii. Once this correction is over, a new attack at the resistance line of 141.04 is expected. A break above this line confirms that a firm bottom has been seen at 126.17 and a new impulsive rally to 141.04 and higher to 149.79 as the next larger upside targets is expected.

In the longer term, we will be looking for a rally closer to 170.00.

Trading recommendation:

We are looking for a buying opportunity near 128.55.