Elliott wave analysis of EUR/JPY for January 26, 2016 Market Analysis Review

Wave summary:

We continue to watch for more corrective consolidation after the test of 126.14. In the short term, we would not be surprised to see a minor dip closer to 127.41 and maybe even lower to 127.17 before the next move higher towards 129.07 takes place to end the correction in wave [iv] and to set a stage for a new impulsive decline in wave [v] towards 123.89. We expect this level to act as the next ideal downside target.

Trading recommendation;

We will sell EUR again at 129.00 with stop placed at 130.80.

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