FX.co ★ Elliott wave analysis of EUR/JPY for September 2, 2016

Wave summary:

The impulsive rally from 113.11 continues to unfold as expected. We are looking for a rally to the 116.19 - 116.36 area to complete red wave [iii] and after a small correction/consolidation towards 115.36 more upside pressure towards 118.54 will be expected.

Longer term, we continue to expect higher levels, as we regard the long-term corrective decline from 149.56 as complete with the test of 109.48. If this count is correct, then a rally to above 149.56 should ultimately be seen.

We are long EUR from 114.05 and will move our stop higher to 114.90. If you are not long EUR yet, then buy near 115.36 and use the same stop at 114.90.