FX.co ★ Elliott wave analysis of EUR/JPY for July 6, 2015

Technical summary:

We still remain in the area above the support at 133.07 and resistance at 136.85. So, we need to break out of this range to indicate a larger move. We continue to look for a break above resistance at 136.85 and more importantly a above resistance at 138.14 confirming targets at 141.06 and at 144.03.

Only an unexpected breakout below support at 133.07 will change the bullish outlook to a bearish count as the rally from 126.05 will have to be counted as corrective and a new decline to the area below 126.05 should be expected.

Trading recommendation:

We will only buy EUR upon a break above 136.85.