Technical summary:
A decline from 137.42 unfolded nicely and even stronger than we had expected. We will now look for resistance at 133.75 for a continuation lower towards 131.45. Only a break above 133.75 will indicate that a larger correction is unfolding towards 134.30 before moving lower to a target at 131.45 . As we get closer to an ideal downside target at 131.45, we are likely to see rising volatility as the battle between bulls and bears become more fair.
Trading recommendation:
We are short EUR from 136.62 and we will move our stop lower to 133.80. If you are not short EUR yet, sell near 133.75 with a close stop at 133.80.
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 23, 2015 . Thanks for your support.
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