FX.co ★ Elliott wave analysis of EUR/JPY for August 3, 2015

Technical summary:

As long as support at 135.50 protects the downside, we will wait for a rally above resistance at 137.80 for a continuation higher towards 141.06 and 144.03. If support at 135.50 gets broken, we will shift the focus to the downside where the pair could test the support at 134.28. Below this level, it will call for more downside pressure towards 130.01.

Trading recommendation:

We are long EUR from 134.07 with stop placed at 135.40. If you are not long EUR yet, buy EUR only upon a break above 137.80.