FX.co ★ Elliott wave analysis of EUR/JPY for November 30, 2015

Wave summary:

We continue to expect a bottom being found anytime now for a rally back to 132.50 before the next turn lower. In the short term, we need a breakout above minor resistance at 130.32 to confirm that wave [iii] has ended and [iv] is unfolding towards 132.50.

However, as long as minor resistance at 130.32 holds firm, we must accept the downside pressure to continue, but the downside potential does look limited from here.

Trading recommendation:

We are long EUR from 130.08 with stop placed at 129.08. If you are not long EUR already, then buy on the breakout above 130.32 and place your stop just below the lowest point seen.