21.08.201505:46 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 21 - 2015

Long-term review

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Technical summary:

The expected rally closer to 139.41 has unfolded nicely. In the short term, we will be looking for a break above the minor top at 138.85 as confirmation of the move higher to 139.41. Support is now found at 138.12, which ideally should protect the downside.

Once the 139.41 target is reached, a new consolidation is expected before the next rally higher to 141.06 and above.

Trading recommendation:

We are long EUR from 137.45 and will move our stop higher to 138.00 and place stop profit at 139.35.

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