FX.co ★ Elliott wave analysis of EUR/JPY for June 27 - 2016

Wave summary:

We continue to look for more downside closer to 107.87 to complete wave iii and set the stage for a complex but shallow correction in wave iv.

In the short term, we will ideally see minor resistance at 112.60 protect the upside for more downside pressure towards the ideal target for wave iii at 107.87.

Trading recommendation:

Sell EUR upon a break below support at 111.58 with stop placed at 113.35 and take profit at 108.10.