28.10.201607:40 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 28, 2016

Long-term review

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Wave summary:

With the clear break above resistance at 114.52 more upside is now expected towards 116.28 and above here confirm a continuation higher to 118.47 on the way towards 122.00.

The former resistance at 114.52 will now act as resistance and will ideally protect the downside for the next rally higher towards 116.28 and ideally above here.

Trading recommendation:

We are long EUR from 112.95 with stop placed at 113.60. If you are not long EUR yet, then buy near 114.52 and use the same stop at 113.60.

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