FX.co ★ Elliott wave analysis of EUR/JPY for October 17, 2016

EUR/JPY - Daily

EUR/JPY - 4-Hourly

Wave summary:

We continue to wait for more upside pressure and a break above minor resistance at 115.05 will be the first good indication that the next impulsive rally to above 116.16 is developing for a rally to 119.99 and above.

The long-term count saw a corrective low at 109.48 and ultimately a rally above the December 2014 high at 149.56 is expected.

Trading recommendation:

We are long EUR from 114.56 with stop placed at 113.90. If you are not long EUR yet, then buy near 114.33 or upon a break above resistance at 115.05 and use the same stop at 113.90.