FX.co ★ Elliott wave analysis of EUR/JPY for November 4 - 2015

Wave summary:

Wave b of red wave 2 was rerouted, but as long as support at 132.15 protects the downside, I continue to look for a little more upside in red wave 2 towards 134.02 before red wave 3 takes over for a strong decline to 126.05 and likely even lower to 119.90. In the short term, a break above 133.05 confirms the next part of the corrective move higher to 134.02.

We will sell EUR at 133.85 or upon a break below 132.16 (one order done cancels the other).