FX.co ★ Elliott wave analysis of EUR/JPY for November 21, 2016

EUR/JPY - Daily

EUR/JPY - 8 Hourly

Wave summary:

We have finally seen the expected break above 117.49 confirming more upside towards 118.59 at the next target. Later, more upside towards 122.00 is expected. Short-term, we should ideally see the former resistance at 117.49 should ideally protect the downside for the continuation higher to 118.59. A break below 117.49 and more importantly below 117.28 will indicate that a deeper correction is unfolding towards 166.22.

Trading recommendation:

We are long EUR from 115.04 and will move our stop higher to 117.20. If you are not long EUR yet, then buy near 117.49 and place your stop at 117.20 too.