Elliott wave analysis of EUR/JPY for November 17, 2015

Wave summary:
We continue watching for renewed downside pressure as the next impulsive decline towards 124.54 unfolds. We have seen the first minor impulsive wave (wave i) to 130.64 and wave ii is currently unfolding. Ideally, wave ii will stay below minor resistance at 132.30 for the next impulsive wave lower towards at least 128.78 and even lower to 126.65 in wave iii of (iii). Resistance at 132.76 now needs to protect the upside or an even more complex correction in wave (ii) than already seen is unfolding.

Trading recommendation:
We are short EUR from 132.09 and will move our stop lower to 132.80. If you are not short EUR already then sell near 132.30 with the same stop at 132.80.

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