FX.co ★ Elliott wave analysis of EUR/JPY for February 12 - 2015

Technical summary:

As expected, after the break above 135.36, the correction from 130.14 has extended higher towards 137.65 as the ideal corrective target. In the short term, we are looking for a minor consolidation before the final rally higher towards the ideal corrective target to end wave (iv) and set the stage for the final decline lower to 125.98 to end the c wave of the expanded flat correction, that began at the 145.69 high in late December 2014.

Trading recommendation:

We are looking for a EUR selling opportunity at 137.55 and will place our stop at 138.90.