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Elliott wave analysis of EUR/JPY for June 22, 2015


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Technical summary:

We are still looking for more upside pressure and do expect that the rally in blue wave iii will accelerate higher towards at least 145.93 and possibly even 150.87 if blue wave iii really takes off. A breakout above the minor resistance at 140.67 is likely to confirm that blue wave iii is well under way.

Support is found at 139.37 and at 138.90 again.

Trading recommendation:

We are long EUR from 138.10 with stop place at 138.75. If you are not long EUR yet, then buy near 139.37 or upon a break above 139.98 and use the same stop at 138.75.

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