Elliott wave analysis of EUR/JPY for October 15, 2015 Market Analysis Review

Wave summary:

There is no changes in view here: we continue to expect a test of important resistance near 137.44 to take place soon. A break above the resistance-line will confirm a further rally towards 138.10 and 139.02 on the way higher to 141.00. As we begin to see the shape of a triangle, the big question is if the rally of the 126.05 low is a giant triangle. If it is, then it has to be an X-wave. This triangle should be resolved downside and ultimately a break below 126.05 is expected. It all depends on what will happen near the resistance line.

Trading recommendation:

We are long EUR from 135.10 and will move our stop higher to 135.90. If you are not long EUR yet, then wait to buy a break above resistance at 137.44 and use the same stop at 135.90.

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