Elliott wave analysis of EUR/JPY for July 13, 2015 Market Analysis Review

Technical summary:

A rally from a low of 133.27 looks impulsive and we would like to see support at 134.99 protecting the downside for a break above minor resistance at 137.04 and more importantly above resistance at 137.29 for a continuation higher to 141.06 and above moving towards 144.03.

It will still take an unexpected break below important support at 133.07 to invalidate the bullish outlook and call for a new decline to 126.05 and below.

Trading recommendation:

We are long EUR from 134.07 and we will move our stop a little higher to 134.25. If you are not long EUR yet, then buy near 134.99 and use the same stop at 134.25.

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