11.10.201614:19 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 11, 2016

Long-term review

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Wave summary:

We are currently looking for wave [iv] towards 114.51 from where a new rally higher to the ideal wave [v] target at 117.09 is expected to complete the first impulsive rally of wave [iii] from 112.05. Once the impulsive rally is complete near 117.09, then look for another corrective decline in wave ii of (iii) towards 114.51 before the next impulsive rally higher to 121.24 and above.

Only a break below support at 113.52 will indicate that an even more bullish count is unfolding in a series of wave one's and two's.

Trading recommendation:

We are looking to buy EUR at 114.60 with stop placed at 114.10.

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