03.12.201508:34 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for December 3, 2015

Long-term review

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Wave summary:

We continue to look for a corrective rally towards 132.50 before the next impulsive decline lower to 127.60 should be seen.

In the short term, a breakout above minor resistance at 130.93 will call for a continuation higher to the levels of 132.27 - 132.50, with an ideal target at 132.50. Once this target has been reached, the risk will turn lower again for the final decline in wave iii closer to 127.60.

Trading recommendation:

We are long EUR from 130.08 with stop placed at 129.95. Upon a breakout above 130.93 we will raise our stop to 130.20. If you are not long EUR yet, then buy on a breakout above 130.93 and use the same stop at 130.20. Take profit should be placed at 132.25 in both cases.

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