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    Elliott wave analysis of EUR/JPY for October 23, 2015


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    Wave summary:

    A decline from 136.39 is clearly impulsive and has all the earmarks of a third wave decline. It is almost vertical and very strong, which is exactly what we would be looking for in wave 3.

    An ideal target for wave iii is seen at 132.98 where wave iii will be 161.8% of wave i, but wave iii could extend even more. Then, the next downside target would be found at the 200% extension target at 132.17.

    Resistance is now seen at the former Triangle support line near 134.30 and again at 134.59.

    Trading recommendation:

    We are short EUR from 135.95 and will move our stop lower to 134.85 locking in a nice profit. If you are not short EUR yet, sell near 134.59 if seen or upon a break below minor support at 133.94 and use the same stop at 134.85.

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