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08.12.201506:33 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for December 8, 2015

Long-term review

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Wave summary:

EUR/JPY failed to test the leading diagonal resistance-line, which has prolonged the correction from 134.59 and keeps a window open for a deeper correction lower to 132.88 before the next move higher towards 136.69 to the the corrective rally of the wave (i) low at 129.62.

Only a direct breakout above minor resistance at 134.12 will indicate a new test of a high of 134.95 and above here confirming the rally higher towards 136.69.

Trading recommendation:

Our stop at 133.50 was hit for a small loss. We will re-buy EUR at 132.95 or upon a breakout above 134.12 (one order done cancels the other).

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