Wave summary:
We continue to look for a little more correction higher in red wave 2, before a strong decline in red wave 3 lower to 125.99 and ideally lower to 119.90 is expected. Red wave 2 will ideally find resistance near 133.64, but could even make it higher to 134.55 if wave c extends.
Only a break below support at 132.16 indicates that red wave 2 already is over and red wave 3 lower is developing.
Trading recommendation:
We will keep our selling order at 134.50 for now.
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 November 2 - 2015 . Thanks for your support.
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