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    Elliott wave analysis of EUR/JPY for November 25, 2015


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    Wave summary:

    With a low seen at 130.15 important support at 130.12 is still holding firm. But will it continue to hold? If the diagonal triangle count is correct, then important support at 130.12 has to protect the downside for a breakout above 131.38 and more importantly above 132.27, which will call for a rally back to 137.07.

    If however, support at 130.12 gives away, we will be headed back to the drawing board trying to figure this mess out, but a continuation lower towards 126.05 seems to be in the cards.

    Trading recommendation:

    We are long EUR from 130.40 with a close stop at 130.10. If you are not long EUR yet, then buy a break above 180.85 and use the same stop at 180.10

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