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    Elliott wave analysis of EUR/JPY for June 9 - 2015


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    Technical summary:

    A correction from 141.06 was very small, which is not that uncommon during wave three corrections. We will be looking for a clear break above the base channel resistance-line near 140.75 confirming acceleration higher towards 144.03 as the first minor upside target. However, an extension of wave (iii) should be expected and that would call for a continuation higher towards 150.77 as the first extension target.

    Short-term support is found at 140.27 and 139.85, which will ideally protect the downside for a clear break above 141.06. The risk is that some kind of flat correction is unfolding, but consolidation at 141.06 should remain rather small.

    Trading recommendation:

    We are long EUR from 140.55 and will place stop at 138.75. If you are no long EUR yet, then buy EUR near 140.27 or upon a break above 141.06 and use the same stop at 138.75 for now.

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