FX.co ★ Elliott wave analysis of EUR/JPY for November 23, 2016

Wave summary:

The 118.59 target remains in focus. After a minor correction, more upside towards 122 will be expected. Only a direct break below minor support at 117.36 indicates that red wave iii is already in place and red wave iv towards 116.62 is developing.

The rally from 113.70 is loosing upside momentum and a minor top should soon be expected.

Trading recommendation:

We are long EUR from 115.04 with stop placed at 117.20. If you are not long EUR yet, then wait to buy the expected correction.