$EUR/JPY Short Term Elliott Wave Update 6.23.2015

Decline from wave (W) at 141.05 took the form of a FLAT A-B-C where wave A ended at 139.03, wave B ended at 141.03, and wave C of (X) completed at 137.94.

From 137.94, the pair rallied in the form of a double corrective structure where wave ((w)) ended at 140.66, wave ((x)) ended at 138.92, and wave ((y)) is currently in progress towards 141.61 – 142.25 equal leg area. The internal of wave ((y)) is unfolding as a double correction (w)-(x)-(y) where wave (w) ended at 140.63 and wave (x) pullback is in progress. As far as the pullback holds above 137.94 and ideally also holds above 138.92, the pair is expected to resume rally higher. If 137.94 breaks, then the pair is doing a double correction and open extension lower towards 136.85 – 137.6 before turning higher.

EURJPY 6020150622223813

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