Elliott wave analysis of EUR/JPY for October 27, 2015 Market Analysis Review

Wave summary:

We have seen a low at 133.08 (just 10 pips above the ideal downside target at 132.98). After a minor flat consolidation in wave iv more downside towards 132.17 is expected. Wave iv could already be over at 133.92, but we need a direct break below the low at 133.08 to confirm that. As long as support at 133.08 protects the downside, more sideways consolidation must be accepted.

Trading recommendation:

We are short EUR from 135.95 with stop placed at 134.30. We will move our take profit to 132.25. If you are not long EUR yet, then sell near 133.92 with stop placed at 134.30.

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/JPY for October 27, 2015 . Thanks for your support.