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Elliott wave analysis of EUR/JPY for November 9 - 2015

2015-11-09-EURJPY-4H.png

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Wave summary:

The correction we are looking for towards 133.55 continues to unfold as expected. Once the 133.55 target is reached a turn lower should be expected for a decline and a break below support at 131.46 for a continuation lower to 129.21 and most likely even lower to 124.43.

In the short term, we will ideally see support at 132.44 hold for a rally towards 133.55, but only a break below support at 132.09 will confuse the picture.

Trading recommendation:

Sell EUR at 133.50 and place stop at 133.95.



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