Elliott wave analysis of EUR/JPY for October 28, 2015 Market Analysis Review

Wave summary:

We have seen an expected breakout below support at 132.98 for a continuation lower towards strong support near 132.17. We will ideally find the bottom of wave (iii) at 132.17 and set the stage for a correction in wave (iv) back to 133.92 before lower in wave (v).

Short-term resistance is seen at 133.23 and again at 133.51. The later should ideally protect the upside for a continuation lower to 132.17.

Trading recommendation:

We are short EUR from 135.95 and will move our stop lower to 133.55 and keep our take profit at 132.25.

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