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FX.co ★ Elliott wave analysis of EUR/JPY for May 25, 2016

Elliott wave analysis of EUR/JPY for May 25, 2016

Elliott wave analysis of EUR/JPY for May 25, 2016

Wave summary:

The sideways consolidation in the 122.30 - 122.80 area has been prolonged, but we still expect one more spike lower to the ideal target near 122.12 before the correction from 124.35 is over and a new impulsive rally towards 126.47 and above should be expected.

In the short term, a break below minor support at 122.48 will confirm the final decline to 122.12 before higher again.

Trading recommendation:

We will buy EUR at 122.20 or upon a break above 122.79 with stop placed at 121.45.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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