04.07.201606:57 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for July 4, 2016

Long-term review

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Wave summary:

We continue to look for a break below the minor support line near 113.96 as the trigger for a decline towards 108.17. This decline will be confirmed by a break below support at 113.31.

In the larger picture, we are coming to a long-term corrective low, but still need a few more waves to build before the bottom finally is in place and a new long-term impulsive rally can begin.

Trading recommendation:

Sell a break below 113.96 and place stop just 5 pips above the most recent top. Place take profit at 108.25.

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