FX.co ★ Elliott wave analysis of EUR/JPY for November 20 - 2015

Wave summary:

We are currently working with two options. One is bullish and one is bearish. This point the have a fifty-fifty percent possibility of being correct. That said in both cases we should be looking for a rally towards 137.00 over coming weeks.

The deciding factor whether we will go with the bullish or bearish count comes down to the wave structure of this coming rally. If a five wave rally can be counted, we will go under the bullish scenario, while a three wave structure will call for the bearish scenario.But for now we should stay focused on the upside for a rally towards 137.00.

Trading recommendation:

We will buy EUR 131.25 or upon a break above 131.79. Stop will be placed at 130.50.