FX.co ★ Elliott wave analysis of EUR/JPY for July 2, 2015

Technical summary:

We are still awaiting a break above minor resistance at 138.68 to confirm continuation higher to 141.06 and 144.03. In the short term, minor support at 136.08 will ideally protect the downside for a break above 138.68, but only a break below support at 133.07 will question the uptrend from 126.05.

In the long term, we continue to look for a rally above a high of 149.55 hit in December 2014.

Trading recommendation:

We will only buy EUR upon a break above 138.68.