InstaForex - Analytics


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    Elliott wave analysis of EUR/JPY for November 3 - 2015


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    Wave summary:

    Wave b of red wave 2 has turned into a triangle. It should just be a matter of time before the final rally higher to 133.64 or even slightly higher to 133.92 before red wave 2 is over and red wave 3 will take over for a decline to 125.99 and 119.90.

    Only a direct break below support at 132.16 indicates that red wave 2 already is over and red wave 3 lower is developing.

    Trading recommendation:

    We will sell EUR at 133.85 or upon a break below 132.16 (one order done cancels the other).

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