Elliott wave analysis of EUR/JPY for February 26, 2016

26 Februari 2016 11:35 AM

Wave summary:

A sharp rally from a low of 122.42 clearly confirms that wave a is over and wave b is unfolding now. The first wave b targets the level of 127.41, but we could move even closer to 130.00 before wave b is complete.

In the short term, we expect minor support to be found in the area of 124.14 - 124.35, which will ideally protect the downside for a continuation higher to 125.91 and 127.41.

Trading recommendation:

We are long EUR from 123.80. We will move our stop higher to 123.35. If you are not long EUR yet, then buy near the area of 124.14 - 124.35 and use the same stop at 123.35.

The material has been provided by InstaForex Company - www.instaforex.com