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28.09.201608:12 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 28, 2016

Long-term review

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Wave summary:

As expected, the minor resistance at 113.62 capped the upside for a new decline to below 112.48, but the price needs to break below the support at 112.05 to accelerate the downward movement closer to 108.58.

In the short term, we expect minor resistance around 113.06 to cap the upside for the next attempt to break below the support at 112.05.

The corrective decline from 149.56 has entered its final phase, with the ideal corrective target seen at 104.15 from where a new impulsive rally will be expected.

Trading recommendation:

We are short EUR from 112.85 with stop placed at 114.45. Upon a break below 112.05 we will move our stop lower to break-even. If you are not short EUR yet, then sell near 113.05 or upon a break below 112.05 and use the same stops.

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