FX.co ★ Elliott wave analysis of EUR/JPY for November 27 - 2015

Wave summary:

EUR/JPY has tested the 161.8% extension target at 129.93 and we expect a minor correction back towards 132.50 before the next downside pressure towards 125.60 occurs.

Only a breakout above resistance at 133.22 will question this count, but it will take a breakout above 134.75 to invalidate it altogether.

Trading recommendation:

We will buy EUR here at 130.08 and place our stop at 129.08.