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    Elliott wave analysis of EUR/JPY for August 14 - 2015


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    Technical summary:

    No change in our view.

    We continue to look for a continuation higher towards at least 139.31 and more likely the rally should continue higher to 142.05 as we move higher towards our long term standing target at 144.03. In the short term, we expect minor support at 138.42 to protect the downside for the rally higher to 139.31 and above. A break below 138.42 will confuse the picture, but only a break below 138.04 will indicate that a larger correction is unfolding and the neckline of the inverse S/H/S bottom could come into play.

    Trading recommendation:

    We bought EUR at 138.30 and will place our stop at 138.00. If you are not long EUR yet, then buy near 138.40 with the same stop at 138.00.

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