FX.co ★ Elliott wave analysis of EUR/JPY for August 12 - 2015

Technical summary:

With a clear break above 137.35 and 137.80, the triangle count was invalidated. The much more bullish count is again back in the limelight. The break above 137.80 calls for a new rally higher towards 142.05 on the way higher to 144.03.

Support is now found at 137.80 and again at the inverse S/H/S neckline near 137.38.

Trading recommendation:

Our stop at 137.45 was hit. We will look for a buying opportunity at 137.45.