EUR/JPY 30 Nov 2012 - 4HR Chart

Elliot wave count - From the 4hr chart above it seems that wave 2 completed its formation. Wave 3 has started forming and I would recommend only long/buy positions for this week and next week. Our first target should be at around 108.00 - 108.10 region. You can place your stop loss at around 106.40 for now.

The breaking of the diagonal line will also invalidate this trade, thus you can close your long positions when this line is broken.