19.10.201608:06 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 19, 2016

Long-term review

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Wave summary:

The failure to rally above minor resistance at 115.05 has kept the correction from 116.28 intact, but also risks a deeper corrective decline closer to 113.53 and maybe even lower to 113.00. Only a direct break above minor resistance at 114.68 and more importantly a break above 115.05 will confirm the correction is complete and a new rally to 116.28 and 118.47 is ahead.

Trading recommendation:

Our stop at 113.90 has now been hit. We will re-buy a break above 114.68.

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