01.08.201609:15 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 1, 2016

Long-term review

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Wave summary:

We have seen the expected decline closer to the 61.8% corrective target at 113.70 (the low has been seen at 113.85), so a little more downside closer to the ideal 113.70 target can not be excluded before the next impulsive rally.

In the short term, a break above minor resistance at 115.32 will be the first strong indication that wave [ii] is complete and wave [iii] higher towards at least 122.00, and breaking above it will confirm continuation higher to 126.01. A break above resistance at 116.92 will confirm the rally towards 122.00.

Trading recommendation:

We bought EUR at 113.85 and has placed our stop at 113.20. If you are not long EUR yet, then buy at 113.70 or upon a break above 116.92 and use the same stop at 113.20

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