FX.co ★ Elliott wave analysis of EUR/JPY for July 11 - 2016

Wave summary:

We expect minor resistance at 112.61 will be able to protect the upside for the next decline closer to the ideal downside target at 108.17 before the long-term correction from 149.56 is finally complete.

Even a small break above 112.61 will not change our expectation of one more decline closer to 108.17.

Trade recommendation:

Stay short and keep your stop at 112.65. If you are not short yet, then sell near 112.55 wil stop placed at 112.65.