FX.co ★ Elliott wave analysis of EUR/JPY for June 15, 2015

Technical summary:

As expected, a low was seen close to the 138.03 corrective target (the low came in at 137.94) and we are now looking for a break above 139.61 confirming a new test of 141.03 as the price in wave (iii) accelerates towards the next upside target at 144.03.

Only an unexpected break below support at 137.94 will delay the expected upside acceleration towards 144.03.

Trading recommendation:

We bought EUR at 138.10 and will place our stop at 137.85.