FX.co ★ Elliott wave analysis of EUR/JPY for July 14 - 2016

Wave summary:

Short-term important resistance at 116.14 has been broken indicating that a important low has been seen at 109.48, and a new impulsive rally is now building.

To confirm that the low is in place, a break above important resistance at 122.00 is still needed, A break above here will leave no more doubt confirming that the corrective low is in place for the decline from 1.4956 and that a new long-term rally higher to above 149.56 is developing.

Trading recommendation:

We will buy EUR here at 116.20 with stop placed at 115.30.