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07.10.201608:56 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 7, 2016

Long-term review

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Wave summary:

We continue to expect support in the 115.00 - 115.25 area to protect the downside for the next rally higher to 117.55 to complete wave i of (iii). After a new correction towards close to 115.00 and if the correction in wave ii extend it could move all the way back to 113.66 before the next impulsive rally higher in wave iii of (iii). This wave higher, we will not like to miss.

Trading recommendation:

We are waiting for wave ii of (iii) to unfold. We will place a EUR buy-order at 113.75 with stop placed at 112.00.

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