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Elliott wave analysis of EUR/JPY for June 17, 2015


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Technical summary:

We did see a break above minor resistance at 139.61, but we did not see the expected acceleration higher in blue wave iii. As long as support at 137.98 protects the downside, we will be looking for more upside pressure, a break above minor resistance at 139.19, and more importantly a break above resistance at 140.00 for a rally to 141.06 on the way towards 144.03.

Only an unexpected breakout below 137.98 will delay the expected upside pressure and call for a move closer to 137.00 before renewed upside pressure can be expected.

Trading recommendation:

We are long EUR from 138.10, with stop place at 137.85. If you are not long EUR yet, upon a break above 139.19 with the same stop at 137.85.

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