FX.co ★ Elliott wave analysis of EUR/JPY for May 26 - 2015

Technical summary:

The correction in wave (ii) from 136.96 continues to unfold as we expected. Wave c of (ii) is currently unfolding towards the target area of 132.79 - 133.08, this area could terminate the correction in wave (ii), but we don't yet have any signs of a possible bottom being in place.

In the short term, we expect minor resistance at 133.83 to protect the upside for the continuation lower to 133.08 and likely even closer to 132.79 before a possible bottom is in place.

Trading recommendation:

We are looking for a EUR-buying opportunity near 132.79, but will wait for a more proper buying signal.