FX.co ★ Elliott wave analysis of EUR/JPY for July 27 - 2016

Wave summary:

The correction in wave [ii], completed with the test of 114.42 and wave [iii] towards at least 120.03, is now developing. Short term, we will likely see support near 115.42 protect the downside for the next rally through minor resistance at 117.15 for the next rally towards 120.03 and possibly even higher.

Trading recommendation:

We missed our 113.70 buying target. We will buy EUR at 115.55 or upon a break above resistance at 117.15 with stop placed at 114.40.