FX.co ★ Elliott wave analysis of EUR/JPY for November 28 - 2014

Technical summary:

Our preferred count is still calling for a move lower soon, but the failure to break clearly lower does open for an alternative count calling for a rally past resistance at 147.42 calling for wave b higher towards 148.20 before wave b is over and wave c will be ready to take over for a decline towards 143.88. As long as resistance at 147.42 protects the upside, we will be looking for signs of a wave c lower, but only a break below support at 146.69 will confirm that wave c is developing.

Trading recommendation:

We are short in EUR from 146.90 with with stop at 147.50. If our stop is taken out, we will sell EUR again at 148.10 with stop at 149.25.