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30.05.201609:18 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for May 30 - 2016

Long-term review

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Wave summary:

With a low seen at 122.19 (just 7 pips from the ideal downside target at 122.12) followed by a clear break above minor resistance at 123.12, wave [ii] was completed and wave [iii] moved higher towards at least 127.34.

Short-term support is now at 123.12 with back-up support formed at 122.75, but we doubt that the 123.12 support level will be broken .

In a long-term prospective we are looking for a return to 141.06. Besides, we expect confirmation of a rally towards 149.56 and development of the next impulsive rally.

Trading recommendation:

We are long on the EUR from 122.80 and will move our stop higher to 122.15. If you are not long on the EUR yet, then buy near 123.12 or upon a break above 124.05 and use the same stop at 122.15.

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