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29.09.201507:28 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 29, 2015

Long-term review

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Technical summary:

We are still locked inside the descending channel continuing to look for a final decline to 131.45 before a firm bottom is expected to be in place for a rally back to 141.06 and above it.

In the short term, resistance at 135.38 should be able to protect the upside for a break below minor support at 133.94, confirming the next part of a decline closer to 131.45. An unexpected breakout above 135.38 could be the first strong indication that the bottom is already in place 132.26 and the next impulsive rally is about to take off.

Trading recommendation:

We will buy EUR at 131.65 or upon a break above 135.38 (one order don cancels the other

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