FX.co ★ Elliott wave analysis of EUR/JPY for July 28, 2015

Technical summary:

We have seen minor resistance at 136.44 broken and now we only need to break resistance at 137.80 too. It will confirm continuation higher to 141.06 and 144.03 as the next upside targets. Short-term support is found in the area of 135.93 - 136.12 now, which will ideally protect the downside for a break above 137.80.

Trading recommendation:

We are long EUR from 134.07 and will move our stop higher to 135.45. If you are not long EUR yet, buy on a break above 137.80 and use the same stop at 135.45.