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Elliott wave analysis of EUR/JPY for June 5 - 2015

2015-06-04-EURJPY-4H.png

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Technical summary:

The base channel resistance line has caused a minor correction. We would like to see a slightly deeper correction from 141.06, but we also know that the correction in the third wave tends to be small or even sub-normal. So, we do not expect too much before the next successful break takes place above the base channel resistance line for a continuation higher to 144.03 on the way higher to 150.77.

Ideally, we will see a correction down to 138.03 before higher.

Trading recommendation:

We will buy EUR at 138.15 or upon a break above resistance at 140.92 with a stop placed at 136.25



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