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14.09.201607:11 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 14 - 2016

Long-term review

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It's time for the moment of truth here. A break above the resistance-line near 115.85 and more importantly above resistance at 116.37 will open up the upside and confirm our bullish view for a rally to 118.47 and 122.00.

The alternate count remains possible as long as resistance at 116.37 stays untouched, but it will take a break below 113.90 to add confidence in this count, while a break below 113.11 confirms the triangle count.

Trading recommendation:

We will move our stop to 115.15. If this stop is hit, then we will re-buy EUR at 114.70 with stop placed at 113.85

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