$EUR/JPY Short Term Elliott Wave Update 6.24.2015

Rally to 141.05 completed wave (W). Current revised short term Elliott Wave view suggests wave (X) pullback is unfolding in a double corrective structure W-X-Y. Wave W took the form of a FLAT structure A-B-C where wave A ended at 139.03, wave B ended at 141.03, and wave C of W completed at 137.94.

Wave X bounce from 137.94 was in a double corrective structure ((w))-((x))-((y)) where wave ((w)) ended at 140, wave ((x)) ended at 138.24, and wave ((y)) of X completed at 140.67.  Wave Y of (X) is currently in progress towards 136.86 – 137.7. We don’t like selling the proposed pullback. From 136.86 – 137.7 area, expect the pair to resume either to new high or at minimum 3 waves bounce to correct the decline from 141.05 per Elliott Wave hedging idea.

EURJPY 6020150623123929

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