Elliott wave analysis of EUR/JPY for November 28, 2016

Wave summary:

The expected correction from 120.16 is now unfolding. We have almost seen a test of the 23.6% corrective target at 118.64, but will likely to see a little more correction closer to 117.69 before the next impulsive rally towards 122.00 is expected.

Short term, only a direct break above minor resistance at 120.00 will indicate that the correction in red wave iv has completed early and the next impulsive rally in red wave v is developing.

Trading recommendation:

Our stop at 119.10 was hit for a nice profit of 406 pips. We will re-buy EUR at 117.75 with stop placed at 116.75.

The material has been provided by InstaForex Company - www.instaforex.com

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