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08.10.201509:09 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 8, 2015

Long-term review

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Technical summary:

There are no changes in view here. Red wave ii is likely to take a little longer than we expected, but otherwise the outlook continues to stay bullish for a rally higher to 141.00.

Red wave ii seems to be a flat correction calling for a move closer to 134.40 before the next rally higher takes place, this time is ideal for a break above resistance at 135.71 confirming the next rally higher.

It will take an unexpected decline through support at 133.44 to invalidate the bullish outlook.

Trading recommendation:

We are long EUR from 135.10 and will keep our stop at 133.45. If you are not long EUR yet, then buy near 134.40 and use the same stop at 133.45.

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