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Elliott wave analysis of EUR/JPY for June 11 - 2015


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Technical summary:

As long as minor resistance at 139.77 protects the upside, a test of a corrective target at 138.03 is in play. From 138.03 or upon a break above minor resistance at 139.77, we expect a new impulsive rally in red wave iii/ past the 141.06 top for a continuation higher to 144.03 on the way towards 150.77.

Only a break below support at 135.10 will indicate that the hole rally from 126.05 has been no more than a correction and renewed downside pressure should be expected. We think this alternate count will be correct, but it will give us an idea to where our preferred count will be proven wrong.

Trading recommendation:

We will buy EUR at 138.10 or upon a break above 139.77 our stop will be place at 137.00

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