FX.co ★ Elliott wave analysis of EUR/JPY for July 14, 2021

We continue to look for renewed upside pressure in wave 5/ towards the 135.42 long-term target. Short-term we are looking for a break above minor resistance at 131.08 and more importantly above 132.28 towards the wave 5/ target at 135.42.

Only a break below support at 129.62 will extend the correction in wave 4/, but the potential downside should be very limited.

Trading recommendation:

Buy EUR and place your stop just below 129.62