FX.co ★ Elliott wave analysis of EUR/JPY for November 15, 2016

Wave summary:

Not much news to add here. EUR/JPY is still hovering near important resistance at 116.28, but it should just be a matter of time before a clear break above this key resistance can be seen for a rally towards 118.60 and 122.00 as the next major upside targets.

In the short term, the pair faces support near 115.85 and at 115.27 again.

Trading recommendation:

We are long EUR from 115.04 with stop placed at the break-even point. If you are not long EUR yet, then buy near 115.85 or upon a break above 116.58 and use the same stop at 115.04.