Elliott wave analysis of EUR/JPY for July 30, 2015 Market Analysis Review

Technical summary:

Strong resistance at 137.80 needs to be broken to clear the way for a rally higher to 141.06 and 144.03. As long as resistance at 137.80 holds firm, we will remain in a dead-lock situation between bulls and bears.

Support is found at 135.49, which will ideally protect the downside for the break above resistance at 137.80. However, if support at 135.49 gets broken, it will tip slightly in favor of bulls, but only a break below support at 134.28 and even more important at 133.27 will call for a new decline to 126.05 and below.

Trading recommendation:

We are long EUR from 134.07 with stop placed at 135.40. If you are not long EUR yet, buy on a break above resistance at 137.80 and use the same stop at 135.40.

The material has been provided by InstaForex Company - www.instaforex.com

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