FX.co ★ Elliott wave analysis of EUR/JPY for November 12, 2015

Wave summary:

There is no change in a view here. We continue to look for a break below support at 131.63 confirming a continuation lower to 130.00 and lower to 124.58 as the next target.

However, we are forced to accept more sideways consolidation as long as support at 131.63 gives a way, which could take us back to 132.79 that should be able to protect the upside at any time.

Trading recommendation:

We are short EUR from 132.08 and have placed our stop at 133.25. If you are not short EUR yet, then sell near 132.55 or upon a break below 131.63 and use the same stop at 133.25.