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02.07.201217:12 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for July 16, 2015

Long-term review

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Technical summary:

Minor resistance at 136.44 succeeded in protecting the upside for a new low in wave ii at 135.14. This could mean that wave ii will need more time to finish in an ending diagonal, but no matter what the downside potential should be very limited from here.

We are currently aiming for a low near 135.00 in order to make a breakout above 136.44 calling for a new rally towards 137.80 and above towards 141.52 and even 143.05.

Only an unexpected breakout below 133.27 will invalidate the bullish outlook.

Trading recommendation:

We are long EUR from 134.07 with stop placed at 134.25. If you are not yet long EUR, then buy near 135.00 with the same stop at 134.25.

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