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Wave analysis

03.07.201505:50 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for July 3 - 2015

Long-term review

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Technical summary:

We are going nowhere at the moment, which is clearly showing the ongoing fight between bulls and bears. We continue to be cautious bulls as long as support at 135.85 and more importantly as long as support at 133.07 protects the downside. That said we need a breakout above 138.68 to add renewed upside pressure towards 141.06 on the way higher to 144.03.

An unexpected breakout below support at 133.07 will indicate that the rally from 126.05 was only corrective and a new test of this low should be seen on the way lower to 119.90.

Trading recommendation:

We will buy break above 137.45 with stop placed at 135.75.

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