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15.08.201607:52 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 15 - 2016

Long-term review

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Wave summary:

Failed to break above the channel resistance-line near 114.14, which has kept the pressure towards the downside. On the other side, important short term support at 112.70 has protected the downside keeping the possible new impulsive count alive too. So at this point we will let the bullish outlook have the benefit of the doubt as long as short term support at 112.70 is able to protect the downside, for new rally to test the channel resistance and only above here confirms more upside pressure towards 118.47 and 122.00.

If however, support at 112.70 gives away, more downside pressure towards 109.48 and likely even closer to 106.03 should be expected.

Trading recommendation:

We will remain cautious long from 113.27 with stop placed at 112.60. If you are not long EUR yet, then only buy a break above 114.03 and use the same stop at 112.60.

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