FX.co ★ Elliott wave analysis of EUR/JPY for June 1 - 2015

Technical summary:

The impulsive rally from a low of 133.07 continues to unfold as expected. In the short term, we are looking for a move closer to resistance at 136.57 to end blue wave iii and call for a small correction in blue wave iv towards 135.86 and maybe even 135.47 before moving higher to 137.52.

As we are in a new impulsive rally, we should be looking for a continuation higher with the next major upside target at 144.03.

Trading recommendation:

We are long EUR from 134.20 and will move our stop higher to 135.25. If you are not long EUR yet, buy in the area around 135.47 - 135.86 with the stop at 135.25.