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Elliott wave analysis of EUR/JPY for September 1, 2015


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Technical summary:

There are still no changes in the view - We expect an upside breakout through the minor resistance at 136.62 confirming a continuation higher towards 139.02 and 141.06. A break below support at 135.23 could take place, but we think the downside potential should be limited. Only a break below the important support level of 133.27 will indicate a much more complex correction unfolding from a high of 141.06.

Trading recommendation:

We are long EUR from 136.42 with stop placed at 134.90. If you are not long EUR yet, buy a break above 136.62 with a stop at 135.60

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