09.09.201505:40 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 9, 2015

Long-term review

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Technical summary:

A rally from a low of 132.19 is stronger than expected, so the question is whether wave 2 ended at 132.19 or we just saw a lower wave Y? The possible S/H/S top is also in danger invalidation. If this rally is terminated or gets close to termination near 134.75 for a break below support at 133.97 and more importantly below support at 132.95, we should expect swings towards this being an X-wave and more downside pressure to below 132.19. On the other hand, a clear break above resistance at 135.80 will favor wave 2 being over 132.19 and a new impulsive rally, which is currently unfolding.

Trading recommendation:

Our stop at 134.00 was hit. We will sell EUR again here at 134.53 with a stop at 134.85.

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