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01.09.201608:15 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 1, 2016

Long-term review

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Wave summary:

The impulsive rally from 113.11 continues to unfold nicely. The next upside target to look for is seen in the 116.19 - 116.36 area, but longer term, we continue to look for much higher levels.

Short-term resistance is seen at 114.96 and then at 114.62 that should be able to protect the downside for a break above minor resistance at 115.43 for the expected rally towards 116.19.

Trading recommendation:

We are long EUR from 114.05 and will move stops higher to 114.50 securing a profit no matter what happens. If you are not long EUR yet, then buy near 114.96 or upon a break above 115.43 use the same stop at 114.50.

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