FX.co ★ Elliott wave analysis of EUR/JPY for November 13, 2015

Wave summary:

Consolidation in a range between 131.46 and 133.15 continues unfolding. We still anticipated that a downside resolution eventually will be seen for a decline towards 124.58, but we have to be patient and let both bulls and bears do more or less equal fighting there.

A short-term breakout above minor resistance at 132.48 calls for a move closer to 133.45, while a breakout below 131.45 is needed for a continuation lower to 124.58.

Trading recommendation:

We are short EUR from 132.09 and will keep our stop at 133.25. If you are not short EUR yet, then sell near 132.70 or upon a break below 131.85 and use the same stop at 133.25