FX.co ★ Elliott wave analysis of EUR/JPY for July 25 - 2016

Wave summary:

As long as minor resistance at 117.27 is able to protect the upside, we will be looking for a deeper correction in wave [ii] closer to 115.41 before the next impulsive rally towards minimum 120.47 is expected.

Short term, a break below minor support at 117.30 will confirm the corrective decline towards 115.41, and once this correction in wave [ii] is complete, a new impulsive rally is expected towards at least 120.47.

Trading recommendation:

Buy EUR at 115.55 with stop at 114.80 or upon a break above 117.27.