10.06.201507:56 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 10 - 2015

Long-term review

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Technical summary:

The correction in red wave ii/ has become more complex as resistance at 141.06 protected the upside yesterday. It kept the correction in red wave ii/ alive and we have already tested the 38.2% corrective target at 138.78. However, as long as minor resistance at 139.46 protects the upside, we must allow for a move slightly lower to 138.03, which marks the 50% corrective target of a rally from 135.10.

Trading recommendation:

Our stop at 138.75 was hit and we will stay neutral for now waiting for a new EUR-buying opportunity near 138.03.

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