Elliott wave analysis of EUR/JPY for July 7, 2015 Market Analysis Review

Technical summary:

There is no change in our view. Trading has been trapped in a very narrow range since yesterday as insecurity about EUR prevails. We continue to look for a breakout above minor resistance at 136.85 indicating renewed upside pressure for a test of 141.06 on the way towards 144.03.

Only an unexpected break below important support at 133.07 will indicate that the rally from 126.05 has been no mer than a correction and this support should be tested again.

Trading recommendation:

We will buy EUR only upon a break above 136.85.

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