FX.co ★ Elliott wave analysis of EUR/JPY for July 9, 2015

Technical summary:

Important support at 133.07 is still holding firm keeping us cautiously bullish for a breakout above minor resistance at 134.57 and more important above resistance at 135.43 calling for a continuation to 138.14 and above.

Only a breakout below important support at 133.07 could indicate a corrective nature of the rally from 126.05 and call for a new test of this low.

Trading recommendation:

We will buy EUR here at 134.07 and place a stop + revers at 133.00.