FX.co ★ Elliott wave analysis of EUR/JPY for June 28 - 2016

Wave summary:

We are looking for minor resistance at 113.24 being able to protect the upside for the next stage of the decline towards 107.87 to end wave iii and set the stage for a larger correction in wave iv to 113.28 before moving down again in wave v.

In the short term, a break below 111.98 confirms the next move lower to 109.10 on the way towards 107.87.

Trading recommendation:

We are short in EUR from 111.58 with stop placed at 113.35. If you are not short in EUR yet, then sell a break below minor support at 111.98 and use the same stop at 113.35.