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24.07.201505:37 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for July 24 - 2015

Long-term review

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Technical summary:

We still need a clear breakout above resistance in the area of136.38 - 136.44 to confirm more upside pressure towards 141.06 and 144.03. As long as this resistance area is able to protect the upside, the risk of a break below minor support at 134.83 remains that will keep both bullish and bearish counts alive.

We still cautiously prefer the bullish picture for a clear breakout above minor resistance at 136.44 and more importantly above resistance at 137.80 for the continuation higher to 141.06 and 144.03. However, the risk of a break below minor support at 134.83 remains adding downside pressure. There is the thread of a breakout below important support at 133.27 , which woul shift the bullish count shift to bearish one and a new decline to 126.05 and below.

Trading recommendation:

We are long EUR from 134.07 and will keep our stop at 134.75. If you are not long EUR yet, buy on a break above 136.44 and place your stop at 135.40 for now.

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