FX.co ★ Elliott wave analysis of EUR/JPY for September 16, 2015

Technical summary;

We have seen a 38.2% correction from a hifg of 137.05 and if resistance at 136.41 is broken the rally from 132.19 will move higher towards 138.00 where strong resistance is found.

If however resistance at 136.41 is able to protect the upside for a continuation lower, we could see the top of the x-wave from 132.19. For now, we need to stay open to both possibilities and wait to see whether or not resistance at 136.41 would be able to protect the upside.

Trading recommendation:

We are short from 136.41 with stop placed at 136.45.