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

Technical summary:

We still prefer a break above minor resistance at 138.68 to continue moving higher to 141.06 with a target at 144.03. As long as minor resistance at 138.68 is able to protect the upside, we do accept the risk of a breakout below important support at 133.07, which would change the bullish picture to a bearish one. A breakout below 133.07 will leave us with a three wave rally of a low at 126.05 and indicate that it has been only a corrective rally. So, a new decline towards 126.05 should be seen.

Trading recommendation:

We will buy on a breakout above 138.68.