Elliott wave analysis of EUR/JPY for June 10, 2021


EUR/JPY is currently correcting the rally in wave 3/ from 121.67 to 133.61. The correction in wave 4/ is expected as a minimum to reach the 23.6% corrective target at 130.82 and possibly even close to the 38.2% corrective target at 129.06.

Short-term we are looking for a break below minor support at 132.88 as the trigger for the next push lower towards 130.82. The correction in wave 4/ is expected to be a complex correction and therefore we should expect the unexpected all the time.

Trading recommendation:

As the ongoing correction in wave iv/ is expected to be a complex correction, we recommend not trying to trade the correction, but wait to buy EUR near 130.82

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