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Elliott wave analysis of EUR/JPY for June 16 - 2015

2015-06-16-EURJPY-4H.png

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Technical summary:

We are still looking for a break above minor resistance at 139.61 as confirmation that the correction in blue wave ii is over and blue wave iii is ready to accelerate higher to 141.04 on the way towards 144.03.

In the short term, we expect minor support at 138.58 to protect the downside for a break above 139.61.

Trading recommendation:

We are long EUR from 138.10 with stop placed at 137.85. If you are not long EUR yet, then buy near 138.58 or upon a break above 139.61 with the same stop at 137.85



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