11.08.201608:10 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 11 - 2016

Long-term review

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Wave summary:

We are still looking for a clear break above minor resistance at 113.76 and more importantly a break above resistance at 114.81 to support our assumption that wave [ii] completed at 112.28.

However, as long as long as minor support at 113.76 stays untouched, we have to accept the possibility of more downside pressure, but at no point can a break below important support at 110.79 be accepted under this count. If a break below 110.79 is seen, then the corrective decline from 149.56 is reinstated for a continuation lower to 106.03.

Trading recommendation:

We are long EUR from 113.27 with stop placed at 112.27. If you are not long EUR yet, then buy a break above 113.82 and place your stop at 112.70.

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