Elliott Wave Analysis of EUR/JPY for May 11, 2016
Wave summary:
The big question here is whether we only have seen red wave [iii] at 124.45 and red wave [iv] to maximum 123.24 now is unfolding or whether we already have seen the top of wave [i] at 124.45.No matter which of the two scenarios that will prove correct, we can say that the rally of the 121.46 low is impulsive and more upside should follow a correction. The deciding factor whether we only have seen red wave [iii] or wave [i] at 124.45 and whether support at 123.25 will protect the downside or not.
Trading recommendation:
We are long EUR from 122.55 and will move our stop to 123.20 securing a profit no matter which scenario proves correct.
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