FX.co ★ Elliott wave analysis of EUR/JPY for June 22 - 2016

Wave summary:

We continue to expect support at 117.30 will be able to protect the downside for a break above minor resistance at 117.97 and, more importantly, above resistance at 118.25 for upside acceleration towards 122.14 and likely higher.

If, however, support at 117.30 gives way, that will leave us with a three-wave rally from 115.46 and call for a re-test of this support and ultimately a break below.

Trading recommendation:

We are long in EUR from 117.50 with stop placed at 117.25. If you are not long yet, then buy near 117.45 and use the same stop at 117.25.