Elliott wave analysis of EUR/JPY for January 19, 2016 Market Analysis Review

Wave summary:

No changes are observed here.

The triangle consolidation that we have been tracking for the last couple of days is still unfolding, but we are in the final part of this triangle now. We are watching for a minor rally in wave-e to 128.21 or maybe even slightly higher to 128.40. But once this triangle consolidation is over, a downside thrust towards 126.05 and 125.45 is expected.

The top of wave-c at 128.75 should not be broken.

Trading recommendation;

We are long EUR from 130.95 and will move our stop lower to 128.80. If you are not short EUR yet, then sell near 128.20 and use the same stop at 128.80.

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