FX.co ★ Elliott wave analysis of EUR/JPY for July 21 - 2016

Wave summary:

We are still looking for more sideways consolidation in wave [ii]. The correction in wave [ii] turned into a flat correction. Wave [c] is just below the low of wave [a] at 115.41. Next impulsive rally higher towards at least 120.47 and possibly even higher is still expected.

In the short-term, a break below minor support at 117.49 will indicate that wave [c] of [ii] is developing.

Trading recommendation:

We will buy the EUR at 115.55 with stop placed at 114.85