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Elliott wave analysis of EUR/JPY for June 12 - 2015

2015-06-12-EURJPY-4H.png

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Technical summary:

A correction in red wave ii/ is still unfolding and as long as minor resistance at 139.61 protects the upside. We will be looking for a final decline closer to 138.03 to end red wave ii/ and set the stage for a strong rally in red wave iii/ higher to 144.03 on the way towards 150.77.

It will take an unexpected break below support at 135.10 to invalidate more upside pressure and indicate that the rally from 126.05 only was a correction, but this is clearly not the preferred count.

Trading recommendation:

We will buy EUR at 138.10 or upon a break above 139.61. The stop should be placed at 137.00



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