Elliott wave analysis of EUR/JPY for June 8 - 2015 Market Analysis Review

Technical summary:

An expected correction in red wave ii/ is unfolding. We will be looking for a correction towards 138.03 as an ideal downside target before the next impulsive rally higher to 144.03 and higher towards 150.77.

In the short term, only a break above minor resistance at 140.54 will indicate that the correction is already over. It is calling for the next impulsive rally upwards. We have to remember that corrections in the third wave tend to be small.

Trading recommendation:

We will buy EUR at 138.35 or upon a break above 140.54 with a stop placed at 136.25 expecting to be able to raise the stop quickly.

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