FX.co ★ Elliott wave analysis of EUR/JPY for July 12 - 2016

Wave summary:

The break above 113.31 indicates that a more complex correction in wave iv is unfolding. The first possible target for wave iv is seen at 115.39, but wave iv could make it all the way to 116.78 before completing and turning lower in wave v of (v) towards the ideal long term corrective target at 106.39.

A short-term break below 113.29 indicates that wave iv is completed and wave v lower is developing.

Trade recommendations:

Our stop at 112.65 was hit for a nice little profit. We will be looking for a new sell opportunity at 116.65 with stop placed at 117.00.