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24.08.201607:54 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 24 - 2016

Long-term review

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Wave summary:

As we have been trading within a 50 pip range over the last week, there is absolutely nothing new to add here. We remains slightly bullish for a break above 114.03, but until a break is confirmed, we must allow for more consolidation with the 112.28 - 114.03 range.

A break above 114.03 will call for a new rally to 118.46 and above.

Trading recommendation:

We will buy a break above 114.03 with stop placed at 112.20.

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