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29.06.201505:51 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 29 - 2015

Long-term review

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Technical summary:

On Saturday, Greece had called a referendum on whether to accept the latest terms set by creditors, which caused a huge volatility in early trade on Monday. A break below important support at 133.07 will be bearish for EUR/JPY. It will indicate that a rally from a low of 126.05 has been only in three waves and thereby is a corrective one. If a breakout below 133.07 takes place, a new decline to 126.05 and lower is expected.

Amid that, stay cautiously bullish as long as important support at 133.07 protects the downside, but a breakout back above 139.17 will be needed to confirm the bullish outlook.

Trading recommendation:

With an extreme volatility seen here, the best is to stay neutral and let things come down before entering a new position. So, we will stay neutral for now.

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