FX.co ★ Elliott wave analysis of EUR/JPY for June 24 - 2016

Wave summary:

The UK voted itself out of the EU, and risk aversion favored the USD and especially the JPY. We will not say that this was a black swan, but the excessive moves in the JPY certainly weren't a natural outcome from the Brexit.

The strong decline below 115.46 calls for more downside pressure towards the 104.16 - 106.03 area before the long-term correction from 149.56 finally comes to an end.

In the short term, we will be looking for resistance at 115.46. If this resistance breaks, the next resistance will be seen at 117.35 before the price moves lower again.