FX.co ★ Elliott wave analysis of EUR/JPY for July 17, 2015

Technical summary:

An expanded flat took longer time than we had expected. Now, we need a break above minor resistance at 135.55 to indicate that wave ii is over and wave iii is ready to take over. Until a break above 135.55 is seen, we must accept a possibility of a move closer to 134.45 before the expanded flat finally comes to the end.

Once minor resistance at 135.55 is cleared, upside acceleration towards 141.52 should be seen.

Trading recommendation:

We are long EUR from 134.07 with stop placed at 134.25. If you are not long EUR yet, then buy near 134.45 or upon a break above 135.55 with stop placed at 134.25.