FX.co ★ Elliott wave analysis of EUR/JPY for October 5, 2015

Technical summary:

A very messy price-action continues to unfold in the market. We are looking for a decline to 131.45 as long as resistance at 135.10 protects the upside. Any break above resistance at 135.10 will delay the expected decline and could possibly be the first serious warning that the bottom was found earlier at 132.23 and that a new impulsive rally is unfolding.

Trading recommendation:

We have placed buy orders at 131.60 or upon a break above 135.10 (one order done cancels the other).