Elliott wave analysis of EUR/JPY for October 26, 2015 Market Analysis Review

Wave summary:

The first wave iii target at 132.98 has almost been tested, and I would continue to look lower for a firm test of this target and even lower to the 200% extension target at 132.17 where strong support will be found. If the later target is broken too, the way lower to 126.05 and below should be cleared.

Resistance at 134.27 should be able to protect the upside for a decline to 132.98 and even lower.

Trading recommendation:

We are short EUR from 135.95 and take profit is at 133.00. We will move our stop lower to 134.30. As we are getting closer to a possible low for wave iii, we recommend waiting to sell EUR close to 134.27 in wave iv.

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