24.10.201609:28 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 24, 2016

Long-term review

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EUR/JPY - Daily

EUR/JPY - 4-Hourly

Wave summary:

The decline from 116.25 has been very deep. However, as long as support holds at 112.56 and more importantly support at 112.05 is able to act as a floor, more upside is expected for this cross. Our preferred count remains that a long-term corrective low was found with the test of 109.48 and a new impulsive rally now is building. However, the base for this new impulsive rally is currently building and picking the lows has proven harder than expected. This obviously makes us a bit cautious, but second waves are allowed to correct 100% of the first wave, so we need to allow for a return to 112.56 and if wave (ii) isn't complete yet a move even lower to 109.48. To confirm the next rally higher, we need a break above minor resistance at 114.52 and more importantly a break above 115.15 for the next rally towards 120.00 and 122.00 on the way higher.

Trading recommendation:

We will by EUR here at 112.95 with stop placed at 112.00.

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