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Elliott wave analysis of EUR/JPY for August 18 - 2015


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Technical summary:

The inverse S/H/S neckline near 137.30 should provide support for a new rally above minor resistance at 138.40, confirming the next impulsive rally higher to at least 139.31 and likely even higher to 140.36 to end red wave v and wave iii.

Only a clear break below the neckline will frustrate the overall bullish picture, while a break below support at 136.49 will invalidate the bullish count.

Trading recommendation:

We are still looking to buy EUR at 137.45 with stop placed at 136.45.

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