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05.12.201607:54 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for December 5, 2016

Long-term review

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Wave summary:

We have seen the expected move lower in wave (iv). The decline close to the ideal downside target at 118.52. The speed of the decline from 121.89 indicates that wave (iv) is not complete yet and most likely will turn into a triangle consolidation before completing and setting the stage for the final rally higher towards 123.48 and maybe even closer to 125.80 if wave (v) extends.

Short term, we will be looking for a rally to 120.82 in wave b of the triangle and then a decline to 119.28 in wave c.

Trading recommendation:

We will take profit on our short position from 121.85 here at 119.95. We will be looking for a EUR-buying opportunity at 119.30.

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