FX.co ★ Elliott wave analysis of EUR/JPY for August 13 - 2015

Technical summary:

We have seen a nice rally higher and we continue to look for a move higher towards 139.31 as the first upside target. However looking out further a continuation above the former top at 141.06 is expected for a continuation higher to 142.05 and 144.03.

In the short term, support at 138.10 will protect perfectly the downside for the test of 139.31 and possibly even higher to 142.05.

Trading recommendation:

We missed our entry at 137.45. We will lift our entry-point and buy if 138.30 is seen.