FX.co ★ Elliott wave analysis of EUR/JPY for July 29 - 2015

Technical summary

We are still looking for a break above resistance at 137.80 that will confirm continuation higher to 141.06 and 144.03 as the next upside targets. There is still risk of a break below minor support at 135.49 and more importantly a break below the support-line at 134.83. That will question the bullish outlook, but only a break below support at 134.28 will invalidate the bullish outlook all together and call for a new decline to 126.05 and below.

Trading recommendation:

We are long EUR from 134.07 with stop placed at 135.40. If you are not long EUR yet, the buy a break above 137.80 and use the same stop at 135.40.