Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for June 7, 2021

EUR/JPY has seen a deep correction in red wave ii, but should stay above the low of red wave i at 130.04 for the next rally higher towards the long-term target at 135.41 where wave 3/ will be 161.8% the length of wave 1/.

Short-term we would like to see a break above minor resistance at 131.66 as a confirmation that red wave ii has completed and red wave iii higher towards 135.41 is in motion.

Under this count support at 130.04 can't be broken or a revision of our bullish count will be needed.

Trading recommendation:
Buy EUR and place you stop at 130.00 for a rally towards 135.41

Analysis are provided by InstaForex