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Elliott wave analysis of EUR/JPY for June 18, 2015

2015-06-18-EURJPY-4H.png

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Technical summary:

We have seen a breakout above 140.00, but not yet an acceleration higher in blue wave iii. We will look for support at 139.36 for the next rally towards 141.06 and through this resistance for a continuation higher to 144.03.

In the long-term, we are looking for even more upside towards 149.55 and beyond.

Trading recommendation:

We are long EUR from 138.10 and will move our stop higher to 138.75. If you are not long EUR yet, then buy near 139.36 or upon a break above 140.48 and use the same stop at 138.75.



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