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07.12.201608:12 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for December 7, 2016

Long-term review

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Wave summary:

We continue to look for a firm break below minor support at 122.04 and the former top at 121.89 for the decline towards the 118.00 - 118.39 area in wave c of (iv). Once this area has been tested we should see another impulsive rally in wave (v) towards 124.48 to complete wave (v) and 3.

Short-term resistance at 122.93 should cap the upside for the break below support at 121.89 for the expected decline. If resistance at 122.93 fails to cap the upside, we should look directly for a rally towards 124.48.

Trading recommendation:

We sold EUR at 122.04 and will place our stop at 123.00. If you are not short EUR yet, then sell a break below support at 121.89 and use the same stop at 123.00.

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