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Elliott wave analysis of EUR/JPY for August 4, 2015


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Technical summary:

EUR/JPY is testing support at 135.49 again. This support should be held for a new rally above minor resistance at 136.45, which will call for a new test of 137.35 and even 137.80. Only above the later, it will open up the upside for a continuation towards 141.06 and 144.03. There is still an opportunity of a break below 135.49 that would add downside pressure for a test of support at 134.28 and more importantly at 133.27. Below there, it will call for 130.00.

Trading recommendation:

We are still long EUR from 134.07 and stop placed at 135.40. If you are not long EUR yet, then only buy upon a break above 137.80.

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