Elliott wave analysis of EUR/JPY for September 23, 2016

Wave summary:

We are currently looking for wave [iii] lower towards at least 108.58. In the short term, a break below minor support at 112.79 will indicate downside acceleration through the 112.05 low towards 108.58 and maybe even lower.

We are currently in the final impulsive decline of the correction that started way back at the 149.56 high. The ideal target for this final decline is seen at 104.15, from where a strong recovery is expected.

Trading recommendation:

We sold EUR at 112.85 with stop placed at 114.45. If you are not short EUR yet, then sell a break below 112.79 and place your stop at 113.55.

The material has been provided by InstaForex Company - www.instaforex.com

From www.instaforex.com http://ift.tt/2dfrhPc