EUR/JPY Elliott Wave Count for February 16, 2012

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Market Overview
The EUR/JPY pair was trading in a bullish mood for the last 10 days, yesterday in a European session after raising doubts about the Greek debt this major pair started falling under the 50 and 100 EMA support line and reached a new low few pips above the 200 EMA support around the 102.20 level.today in the early Asian session price continued a downward move to the 102.00 level slightly under 200 EMA support line. The EUR/JPY pair did not manage to hold this level and price started rising to 100 EMA Resistance, we are expecting to see price back to 102.00 before we can see price under the 101.50 level.

Support and Resistance levels
(S3) 101.41 (S2) 101.91 (S1) 102.22 (PP) 102.71 (R1) 103.21 (R2) 103.52 (R3) 104.01

EUR/JPY Elliott Wave Analysis

The EUR/JPY pair finished 5 waves in the i wave at 101.91, and started a new 3 wave correction in ii wave.According to our wave rules and taking into consideration that wave ii will retrace 61.8% or 78.6% of wave i we can project our targets with Fibonacci retracement(103.47-101.91) to first take profit level at 102.87(61.8% of wave i) and second take profit at 103.14(78.6% of wave i).For stop loss we can use end of wave i at 101.91.

Trading Forecast
Proceeding from Elliott Wave Rules the trend is expected to begin the upward movement to go higher today. That is why Long position at levels 102.50 with Stop Loss at 101.91, Take Profit at 102.87 and Take Profit 2 at 103.14 are recommended