Elliott Wave Analysis of EUR/JPY for May 31 - 2016

Elliott Wave Analysis of EUR/JPY for May 31 - 2016

31 May 2016, 09:54
Roberto Jacobs
0
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Elliott Wave Analysis of EUR/JPY for May 31 - 2016


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Wave summary:

We continue to look for more upside progress after a minor consolidation between 123.50 and 124.15 with the next minor upside target to look for seen at 124.65, and above here the important short-term resistance at 126.47 will be the target. To confirm that a long-term bottom has been seen, as we expect, at 121.46, a break above resistance at 126.47 will be needed.

Trading recommendation:

We are long from 122.80, and we will move our stop higher to break-even. If you are not long in EUR yet, then buy near 123.50 or upon a break above 124.14 and use the same stop at 122.80.


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