10.11.201609:18 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for November 10, 2016

Long-term review

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Wave summary:

We still need a break above important short-term resistance at 116.28 to confirm that a long-term corrective low was seen at 109.48 and a new impulsive rally is developing. Short term, we are looking for a break above minor resistance at 115.68 as confirmation that a firmer test of the important resistance will be seen. A firm break above this resistance will call for more upside pressure towards 118.47 and 122 as the next upside targets.

Only an unexpected break below 114.12 will indicate more sideways price action below 116.28.

Trading recommendation:

We bought EUR at 115.04 and will place our stop at 114.04. If you are not long EUR yet, then buy a break above 115.68 and use the same stop at 114.04.

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