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15.06.201707:28 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 15, 2017

Long-term review

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Wave summary:

Important support at 122.53 should continue to protect the downside for a break above minor resistance seen at 123.64 for the expected rally higher to 124.62 to complete wave d of the triangle consolidation.

Only an unexpected break below 122.53 will extend the decline from 125.82 lower to 121.63 in new corrective pattern.

R3: 124.62

R2: 124.04

R1: 123.64

Pivot: 123.25

S1: 122.67

S2: 122.53

S3: 121.63

Trading recommendation:

We will buy EUR here at 122.95 with a stop placed at 122.45 risking only 50 pips. Take profit will be placed at 124.50.

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