InstaForex - Analytics

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    Elliott wave analysis of EUR/JPY for June 10, 2016 2016-06-10

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    Wave summary:

    We have now seen an underthrow below the ending diagonal support line followed by a return back above the support line, which is a strong indication that the ending diagonal terminated at 120.28. We will now be looking for support at the ending diagonal support line near 120.60 for a break above minor resistance at 121.35 as a confirmation that the low is in place and a new strong rally to the ending diagonal resistance is currently at 123.40 and above is developing.

    Trading recommendation:

    We are long EUR from 120.85 with stop placed at 120.00. If you are not long EUR yet, then buy near 120.60 and use the same stop at 120.00


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