FX.co ★ Elliott wave analysis of EUR/JPY for December 1, 2015

Wave summary:

We continue to look for a correction in wave [iv] towards 132.50 before the final decline in wave [v] lower to 127.60 to end wave iii. That said we will like to warn that a break above 133.22 will question this count. The decline from a high of 141.06 in early June has been quite messy and very hard to read.

In the short term, a break above minor resistance at 130.30 will be the first indication that wave [iv] is developing, while a breakout above resistance at 130.76 will confirm wave [iv].

Trading recommendation:

We are long EUR from 130.08 with stop placed at 129.08. If you are not long EUR yet, then buy EUR upon a break above 130.30 and place your stop just below the most recent low.