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    Elliott wave analysis of EUR/JPY for November 12, 2015


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    Wave summary:

    There is no change in a view here. We continue to look for a break below support at 131.63 confirming a continuation lower to 130.00 and lower to 124.58 as the next target.

    However, we are forced to accept more sideways consolidation as long as support at 131.63 gives a way, which could take us back to 132.79 that should be able to protect the upside at any time.

    Trading recommendation:

    We are short EUR from 132.08 and have placed our stop at 133.25. If you are not short EUR yet, then sell near 132.55 or upon a break below 131.63 and use the same stop at 133.25.

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