FX.co ★ Elliott wave analysis of EUR/JPY for July 22 - 2016

Wave summary:

We keep looking for one more decline to just below 115.45 to complete wave [ii] and set the stage for the next impulsive rally towards at least 120.47 and, most likely, closer to 122.76.

Short term, a minor triangle consolidation is developing, this should eventually give away towards the downside for the decline to 115.45, from where the next impulsive rally higher is expected.

A break below minor support at 116.48 confirms the decline to 115.45.

Trading recommendation:

Buy EUR at 115.55 with stop placed at 114.85