FX.co ★ Elliott wave analysis of EUR/JPY for June 10, 2016

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