FX.co ★ Elliott wave analysis of EUR/JPY for July 28 - 2016

Wave summary:

The failure to rally above minor resistance at 116.71 has prolong the consolidation in red wave ii and we need to allow for a decline closer to 115.42 before red wave ii finally is complete and red wave iii will be ready to take over for a rally towards 120.02.

To confirm that red wave ii is complete a break above minor resistance at 116.71 and more importantly a break above resistance at 117.15 will be needed.

Trading recommendation:

We are still looking for a buying opportunity at 115.55 with stop placed at 114.40 or upon a break above 117.15.