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27.05.201608:12 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 27 - 2016

Long-term review

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Wave summary:

We are still looking for a break above the resistance at 123.12 to confirm that a corrective low was seen at 122.23 and a new impulsive rally to 124.65 and above is developing.

Short-term support is seen at 122.57, which ideally will be able to protect the downside for the break above 123.12. The minor support at 122.57 will be broken, that would call for one more decline closer to the ideal corrective target at 122.12, but at no point a break below 121.46 can be allowed.

Trading recommendation:

We are long from 122.80 with the stop placed at 121.45. If you are not long on the EUR yet, then buy at 122.60 or upon a break above 123.12 and use the same stop at 121.45.

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