FX.co ★ Elliott wave analysis of EUR/JPY for November 7, 2016

EUR/JPY - Daily

EUR/JPY - 4 Hourly

The 61.8% corrective target of the rally from 112.57 to 115.68 seen at 113.75 held without problems for the next rally above 115.68 calling for more upside towards important resistance (neckline resistance of the inverse S/H/S bottom) at 116.28. A break above this resistance will strongly favor our bullish count and call for a continuation towards 118.47 and 122.00.

Only an unexpected break below support at 113.97 will again question our preferred bullish count.

Trading recommendation:

We are long EUR from 114.75 and have placed our stop at 113.95. If you are not long EUR yet, then buy near 114.80 and use the same stop at 113.95.