FX.co ★ Elliott wave analysis of EUR/JPY for August 31, 2016

Wave summary:

The rally of the 113.11 low continues to unfold as expected. We would of cause like to see more upside acceleration, but overall the rally looks as expected. We continue to expect minor support at 114.63 and more importantly support at 113.81 will protect the downside for the continuations higher towards 116.19 and ideally closer to 118.58.

Only a break below 113.81 will question our bullish outlook.

Trading recommendation:

We are long EUR from 114.05 and will move our stop higher to 113.75. If you are not long EUR yet, then buy near 114.63 and use the same stop at 113.75.