FX.co ★ Elliott wave analysis of EUR/JPY for August 17 - 2015

Technical summary:

We are likely to watch four corrections in a small wave (we call it red wave iv). This small red wave iv should hold above support at 137.35 for a move higher to 139.12 and in the longer term even higher towards 142.05 and 144.03.

Only an unexpected break below the top of red wave i at 136.49 will invalidate this count and indicate that a much more complex correction from 141.06 is unfolding.

Trading recommendation:

Our stop at 138.00 was taken out for a small loss. We will buy EUR again at 137.45 with stop placed at 136.45.