FX.co ★ Elliott wave analysis of EUR/JPY for July 8, 2015

Technical summary:

Important support at 133.07 is still holding firm keeping us cautious about breaking above minor resistance at 136.07. That should be the first indication of renewed upside pressure to 141.03 and 144.03.

Only an unexpected breakout below 133.07 will shift our stance from bullish (although cautiously) to bearish as the rally from 126.05 will be in three waves only and looks corrective (it is likely to be an x-wave for a new decline to 126.05 and lower).

Trading recommendation:

We will only buy EUR upon a breakout above 136.07.