FX.co ★ Elliott wave analysis of EUR/JPY for November 2, 2016

Wave summary:

The failure to take out resistance at 116.28 is somewhat disappointing, but we will expect support near 113.75 to be able to act as a floor for the next impulsive rally above 116.28 confirming more upside towards 118.47 and 122.00.

Only an unexpected break below important support at 112.05 will invalidate the bullish outlook.

Trading recommendation:

Our stop at 114.67 was hit for a nice profit. We will look for a new buying opportunity near 113.75.