FX.co ★ Elliott wave analysis of EUR/JPY for October 14, 2016

Wave summary:

We still look for a break above minor resistance at 115.15 and more importantly above resistance at 115.79 which will confirm the next impulsive rally higher to 119.99 and above.

Short-term support is found at 114.45 and just below at 113.99, which is expected to protect the downside for the next impulsive rally higher.

Only a clear break below 113.99 will delay the expected rally higher while only an unexpected break below 112.57 will invalidate the bullish set-up.

Trading recommendation:

We are long EUR from 114.56 with stop placed at 113.90. If you are nor long EUR yet, then buy near 114.45 or upon a break above 115.15 and use the same stop at 113.90.