EUR/JPY Elliott Wave Count for February 15, 2012

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Market Overview
The EUR/JPY pair was trading in a upward move yesterday, in the early Asian session this major pair reached a new high above 50EMA resistance at the 102.50, in European and New York sessions the EUR/JPY pair continued a upward move to a new high at the 103.18 level.Today in the Asian session this major pair reached 2 months high at 103.47 and we are expecting to see the price back to 103.00 level today, France and German GDP showed better then expected but Greece is still making trouble for EURO stability , We need to take a look at EUR Flash GDP q/q that could affect this pair
Support and Resistance levels
(S3) 101.29 (S2) 101.81 (S1) 102.14 (PP) 102.66 (R1) 103.18 (R2) 103.51 (R3) 104.03
EUR/JPY Elliott Wave Analysis
The EUR/JPY pair is in (5) wave of the bigger (C) wave, We are expecting to see end of wave (C) around the 103.50 and 103.60 level.After Wave (C) is over we can go Short for i wave, According to wave rules we can expect to see wave i under the 102.00 level , we can use this level for our Take Profit projection today.For Stop Loss we can use 104.00 level
Trading Forecast
Proceeding from Elliott Wave Rules the trend is expected to begin the downward movement to go lower today. That is why Long position at levels 103.20 with Stop Loss at 104.00 and Take Profit at 102.00 are recommended