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Wave analysis

15.09.201507:05 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 15, 2015

Long-term review

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Technical summary:

An expected correction lower to 135.18 and possibly even lower to 134.04 is unfolding. That means X-waves do not have to be perfect three-wave corrections. Often, they are just as what we have seen in this cross and strong move where it is almost impossible to count the waves once the move is over, so is the x-wave and the next impulsive wave can take over to the downside.

In the short term, we expect resistance at 136.41 to protect the upside for a decline to 135.18 and possibly even lower.

Trading recommendation:

We took profit at 50% of our short position from 136.41 at 135.65 and will move our stop lower to 136.45

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