Elliott wave analysis of EUR/JPY for October 30, 2015 Market Analysis Review

Wave summary:

Wave (v) and red wave 1 seemed to end early already at 131.58 (the target we where looking for was found at 130.90). That means red wave 2 is unfolding and should see a rally to just above 133.55 and if wave c extends move even higher to 134.56 before turning lower again.

At this point, only a breakout below 132.15 will add renewed downside pressure.

Trading recommendation:

We will place a EUR selling order at 134.50.

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