07.12.201508:23 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for December 7, 2015

Long-term review

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Wave summary:

A breakout above 133.22 invalidated the bearish count and told us that a decline from 141.04 to 129.62 was a leading diagonal as wave (i) and a correction in wave (ii) towards 136.69 now should be expected before the next impulsive decline in wave (iii).

The corrective rally in wave (ii) has met the leading diagonal resistance-line near 134.59 and could enter a period of consolidation before the final move closer to 136.69 to end wave(ii). This target has been met and new impulsive decline is expected.

Trading recommendation:

We will buy EUR here at 133.95 and place our stop at 133.50 and place take profit at 136.50.

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