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Elliott wave analysis of EUR/JPY for August 10 - 2015


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Technical summary:

The triangle consolidation as well as renewed downside pressure for a thrust out of the triangle and a decline to 130.00 should be close to termination.

The first sign that a downside thrust is taking place is a break below minor support at 135.53 that is also confirmed by a break below support at 134.95 for a decline to 130.00. Resistance is found at 137.35. It should protect the upside from a break below minor support at 135.53.

Trading recommendation:

We sold EUR at 135.75 with a stop placed at 137.45. If you are not short EUR yet, sell near 136.60 with the same stop at 137.45.

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