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

Technical summary:

We continue to look for more upside pressure towards 138.10 and then higher to 141.00 once this minor correction is over. Ideally, it will find support at 136.00, but we must allow for a corrective decline closer to 135.71 before the next rally higher to 138.10 is seen.

The rally of the wave (ii) low at 133.15 is in no way convincing yet, but acceleration will be seen soon as we enter the key stage of the impulsive wave.

Trading recommendation:

We are long EUR from 135.10 with stop placed at 135.30. If you are not long EUR yet, then buy near 136.00 or upon a break above 136.50 and use the same stop at 135.30

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