02.02.201508:08 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for February 2 - 2015

Long-term review

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Technical summary:

Did wave (iv) end at 134.36 or was it was just wave a of (iv) and wave b of (iv) which ended at 132.04? As long as support at 132.04 protects the downside, we will let the benefit of the doubt go to bulls, but a break below 132.04 will shift the focus towards the finished wave (iv) count at 134.36 and indicate wave (v) lower to 125.98 is developing. If resistance at 134.18 is broken, that would call for wave c of (iv) higher to 136.33 to end wave (iv) and set the stage for wave (v) lower to 125.98.

Trading recommendation:

We will buy EUR at 132.60 with stop+reverse at 132.00 and take profit at 136.20.

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