InstaForex - Analytics

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    Elliott wave analysis of EUR/JPY for November 20 - 2015

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    Wave summary:

    We are currently working with two options. One is bullish and one is bearish. This point the have a fifty-fifty percent possibility of being correct. That said in both cases we should be looking for a rally towards 137.00 over coming weeks.

    The deciding factor whether we will go with the bullish or bearish count comes down to the wave structure of this coming rally. If a five wave rally can be counted, we will go under the bullish scenario, while a three wave structure will call for the bearish scenario.But for now we should stay focused on the upside for a rally towards 137.00.

    Trading recommendation:

    We will buy EUR 131.25 or upon a break above 131.79. Stop will be placed at 130.50.


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