FX.co ★ Elliott wave analysis of EUR/JPY for December 11, 2015

Wave summary:

The correction in wave b ended a little lower than expected at 132.72, but still pretty close to our expected target at 132.88 and we will now be looking for a breakout above resistance at 134.22 confirming the next rally higher towards 135.34 and possibly even higher to 136.69 before this correction is over and a new impulsive decline can begin.

Trading recommendation:

We are long EUR from 132.95 and will move our stop higher to 132.70. If you are not long EUR yet, then buy 133.35 and use the same stop at 132.70.