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29.07.2016 08:15 AM
Elliott wave analysis of EUR/JPY for July 29 - 2016

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Wave summary:

Disappointment over BoJ easing measures has morphed the correction in wave [ii] into a more complex structure. Short term, one more decline closer to the 61.8% corrective target at 113.70 could be seen before the correction in wave [ii] finally comes to rest and a new impulsive rally higher towards important resistance at 122.00 is seen.

Trading recommendation:

Our stop at 114.40 was hit, but we will buy EUR again at 113.85 or upon a break above 116.92 with stop place at 113.20.

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