FX.co ★ Elliott wave analysis of EUR/JPY for July 26 - 2016

Wave summary:

The expected corrective decline in wave [ii] picked up speed and broke below support at 114.80 calling for a deeper correction closer to 113.70 (61.8% of wave [i]) and maybe even lower to 112.42 (78.6% of wave [i]).

Short term, resistance is now seen at 115.44, which likely will hold for a decline closer to 113.70.

Trading recommendation:

Look for a buying opportunity near 113.70.