Elliott wave analysis of EUR/JPY for July 23, 2015 Market Analysis Review

Technical summary:

As long as minor support at 134.83 protects the downside, we will stay cautiously bullish for a break above resistance at 136.38 and more important a break above resistance at 137.80 confirming a continuation higher to 141.06 and 144.03.

To alter the bullish count a break below important support at 133.27 will be needed, but a break below here will leave us with a three wave rally from 126.05 and call for a new decline to this low.

Trading recommendation:

We are long EUR from 134.07 and will move our stop here to 134.75. If you are not long EUR yet, then buy EUR upon a break above 136.38 and use the same stop at 134.75.

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