06.11.201509:22 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for November 6 - 2015

Long-term review

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Wave summary:

The failure to break below support at 131.58 indicates that the correction in wave (ii) still is unfolding as a flat correction and this calls for a new rally in wave c of (ii) closer to 133.55 before wave (ii) is over. Besides, the next impulsive decline should be expected.

Short-term minor resistance is found at 132.73 and above here indicates continuation higher to 133.55 in wave c.

Trading recommendation:

Our stop at 132.65 was hit for a small loss. We will sell EUR again at 133.50.

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