Elliott wave analysis of EUR/JPY for June 4, 2021

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We are looking for a correction in wave 4/ towards 130.86 as a minimum from where we could see the next impulsive rally higher towards 135.42 and possibly even higher. As wave 2/ was a simple deep zig-zag correction, we should expect a complex and hard to trade wave 4/ towards the ideal target at 130.86. It's possible that wave 4/ continues lower towards the 38.2% correction at 129.06 but only time will tell.

Trading recommendation:

As a complex and hard to trade wave 4 correction is unfolding, we recommend stay on the sideline and wait to buy EUR near 130.86 for the next rally towards 135.42

The material has been provided by InstaForex Company - www.instaforex.com

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