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

Wave summary:

Nothing is going on here at the moment. We would still like to see a minor move lower to 132.88 before the next rally higher towards at least 135.34 and possibly even higher to 136.69 before renewed downside pressure should be expected.

Only a direct breakout above resistance at 134.59 will cancel the expected decline closer to 132.88 and move directly towards 135.34.

Trading recommendation:

We are looking for a buying opportunity at 132.95. If done, we will place our stop at 132.00.