Elliott Wave Analysis of EUR/JPY for March 10, 2016
Wave summary:
Resistance at 125.23 needs to protect the upside for a break below 124.22 and more importantly below support at 123.01 to confirm the expected decline to 119.90 and possibly even lower to 117.35.
If, however resistance at 125.23 is broken, it would call for a more complex correction than already seen and a continuation higher to 126.53 before renewed downside pressure can be expected.
Trading recommendation:
Sell here at 124.83 with stop placed at 125.35.
The material has been provided by InstaForex Company - www.instaforex.com
