Technical summary:
We have seen a nice a strong decline from a high of 137.43 and now we will be looking for a break below important support at 134.98, which will confirm that wave z is developing lower.
In the short term, we will see resistance at 136.13 protecting the upside for a decline towards 132.23 and lower towards 131.45.
Trading recommendation:
We are short EUR from 136.62. We will move our stop lower to 136.50. If you are short EUR yet, then sell near 136.10 with the same stop at 136.50.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/JPY for September 21, 2015 . Thanks for your support.
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