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14.11.201609:41 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for November 14, 2016

Long-term review

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EUR/JPY - Daily

EUR/JPY - 4 Hourly

Wave summary:

A firm break above 116.28 is still needed to release the long-term energy for upside acceleration towards 118.47 and 122. 00 as the next upside targets. Ideally we will see minor support at 115.51 protect the downside for the break above 116.28. However, even if a break below minor support at 115.51 is seen the downside potential should be limited to 114.93 before the next impulsive rally higher is expected.

Trading recommendation:

We are long EUR from 115.04 with stop placed at break-even. If you are not long EUR yet, then buy a break above 116.33 and use the same stop at 115.04.

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