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    Elliott wave analysis of EUR/JPY for May 16 - 2016 2016-05-16

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    Wave summary:

    The correction that we looking for in wave [ii] extended lower to the 61.8% corrective target at 122.68 before turning higher in wave [iii]. We will now be looking for a break above 123.81 to confirm that wave [ii] indeed terminated at 122.61 and wave [iii] is moving higher towards at least 125.78.

    Now support is seen at 122.91, which ideally will protect the downside for the break above 123.81.

    Trading recommendation:

    We bought the EUR at 123.10 and placed our stop at 122.60. If you are not long on the EUR yet, then buy above 123.81 and place your stop at 122.90.


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