FX.co ★ Elliott wave analysis of EUR/JPY for October 1, 2015

Technical summary:

A very slow descent towards 131.45 continues. Once the target has finally been reached, a new impulsive rally higher towards 141.06 and above is expected The short-term resistance is found at 135.10 and only a direct breakout above here could indicate that the bottom is already found at 132.23 and the new impulsive rally already is unfolding.

Trading recommendation:

We will buy EUR near 131.45 or upon a break above 135.10 (one order done cancels the other)