FX.co ★ Elliott wave analysis of EUR/JPY for December 9, 2015

Wave summary:

We could still see a little more correction closer to support near 132.88 before the next rally higher towards at least 135.34 and possibly even 136.69 form where a new strong decline is expected.

If our count is correct, a leading diagonal seen from 141.04 to 129.62 as wave (i) and a corrective rally is currently unfolding in wave (ii). Once this corrective rally comes to an end renewed downside pressure towards 129.62 and below is expected.

Trading recommendation:

We are look for a buying opportunity at 132.95 or upon a breakout above 134.12 (one order done cancels the other).