20.06.201607:40 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 20 - 2016

Long-term review

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Wave summary:

The rally of the 115.46 does display impulsive characters indicating more upside to be expected. Short term, a break above minor resistance at 119.50 will be needed to confirm that a firm bottom is in place at 115.46 for a continuation higher towards 121.13 and possibly even higher to 122.14 in wave iii.

In the short term, support is seen near 108.10. This support will ideally protect the downside for a rally above 119.50.

Trading recommendation:

We are long in EUR from 117.50 and will place our stop at 116.85. If you are not long in EUR yet, then buy near 118.10 and start by using the same stop expecting to move it higher soon.

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