EURJPY Short-term Elliott Wave Analysis 2.16.2016

Short term Elliottwave structure suggests decline to 125.76 ended wave W. Up from this level, wave X bounce is unfolding in a double three structure where wave ((w)) ended at 127.87, wave ((x)) ended at 126.358 and wave ((y)) is in progress towards 128.48 – 128.98 area to complete wave X before pair turns lower again. We don’t like buying the pair in proposed bounce and as far as pivot at 132.31 high remains intact, we expect the bounce to fail in the above area & find sellers for at least 3 waves pullback

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