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22.11.201608:52 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for November 22, 2016

Long-term review

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Wave summary:

I'm still looking for a rally towards 118.59 and later 122.00 as the next major upside targets. In the short term, I expect minor support at 117.39 will be able to protect the downside for a break above minor resistance at 118.01 and push the price higher to 118.59.

Once the 118.59 target is hit, then look for a shallow sideways correction.

Trading recommendation:

We are long EUR from 115.04 with stop placed at 117.20. If you are not long EUR yet, the buy upon a break above 118.01 but keep stops close and place take profit near 118.59.

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