FX.co ★ Elliott wave analysis of EUR/JPY for December 22 - 2015

Wave summary:

We have seen a nicely rally from the 131.00 low. The break above 132.39 is the first minor indication that wave c towards 135.34 and maybe even towards 136.69 now is unfolding. It means the rally of the 131.00 low is not convincing enough so far, but we will hand bulls the benefit of the doubt and stay with the uptrend as long as minor support at 131.65 protects the downside.

The next important resistance to look for is found at 133.78 and a break above here will confirm the rally to 135.34 and possibly higher.

Trading recommendation:

We are long EUR 131.95 and will move our stop higher to 131.60. If you are not long EUR yet, then buy near 132.10 and use the same stop at 131.60.