Elliott wave analysis of EUR/JPY for August 28, 2015

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Technical summary:

We still think that wave (ii) ended at 61.8% corrective target of wave (i) at 136.45 and wave (iii) should be developing now. We have seen a break above 136.41, but of cause need more evidence to perform a break above 137.60 to be more confident that wave (iii) is indeed developing for a rally higher to 141.06 on the way higher to 144.03.

Only an unexpected break below support at 133.27 will invalidate the bullish outlook and call for a much more complex correction from 141.06.

Trading recommendation:

We bought EUR at 136.42 and will place our stop at 134.90.

The material has been provided by InstaForex Company – www.instaforex.com

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