EUR/JPY 9 JAN 2013 - 1HR Chart

Yesterday we grabbed some good pips on the EUR/JPY. According my analysis, we are still in the correcting phase (bigger wave 4) and the correction could end at around 112.50.

I recommend selling the pair at the current rate - 114.40

Take profit (TP) - 112.50
Stop Loss (SL) - 114.87

Wave count - Bigger wave 4 correction

Stop Loss at 114.87 was hit thus making a -47pips loss

EUR/JPY 8 JAN 2013 - 1HR Chart

The pair is capped by a declining RSI trendline. It is also capped by a resistance short-term downward trendline.

Sell the pair at the current levels (114.60)
SL - 115.35
TP1 - 113.65

Sell again @ 113.40
SL - 113.80
TP2 - 112.50

Elliot wave count - the pair looks to be forming a wave 4.

Take profit 1 @ 113.65 was hit making  a profit of +95pips