Elliott wave analysis of EUR/JPY for July 10, 2015 Market Analysis Review

Technical summary:

Important support at 133.07 held perfectly. Now we will be looking for a break above minor resistance at 136.07 and more importantly resistance at 138.14. That would confirm renewed upside pressure towards 141.06 on the way to 144.03

A break below important support at 133.07 is still possible. It would indicate that the rally from 126.05 was only a correction one, and this low should be retested.

Trading recommendation:

We are long EUR from 134.07 and will move our stop to break-even. If you are not long EUR yet, buy EUR near 135.00 with the same stop.

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