06.07.201607:00 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for July 6, 2016

Long-term review

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Wave summary:

The expected decline towards the next downside target near 108.16 is unfolding nicely.

Short-term minor resistance is seen at 111.80, which ideally will protect the upside for the next part of the decline towards 108.16, but even if the minor resistance at 111.80 is broken, back-up resistance is seen already at 112.09 that should be able to protect the downside for the decline to 108.16.

Trading recommendation:

Move stop on your short position lower to 112.75 securing a profit no matter what happens. If you are not yet, then sell near 111.80 and use the same stop at 112.75. Take profit should be placed at 108.25

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