FX.co ★ Elliott wave analysis of EUR/JPY for August 7, 2015

Technical summary:

We are still locking at the middle of a triangle. Wave e could still move higher to the triangle resistance-line near 137.00 and close at this level as long as minor support at 135.76 protects the downside. A break below minor support at 135.76 will indicate that wave e is already over calling for a decline towards 134.95. Below this area, it will confirm the thrust out of the triangle for a continuation lower to 130.00.

Trading recommendation:

We will sell EUR at 136.85 or upon a break below support at 135.76 with stop placed at 137.45.