Elliott wave analysis of EUR/JPY for December 10 – 2014
December 10, 2014 7:30 am
Technical summary:
The break below the minor support-line from 145.58 confirms that wave c lower to 144.79 is unfolding. In the short term, we expect minor resistance at 148.37 to protect the upside for a break below 146.80 confirming the next wave lower to the 144.79 target. If however, the minor resistance at 148.37 is broken, that would delay the expected decline for a move closer to 148.88, but likely not above.
Trading recommendation:
We are short in EUR from 147.97 with stop placed at 148.95. If you are not short in EUR yet, then sell near 147.65 with the same stop at 148.95.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
The break below the minor support-line from 145.58 confirms that wave c lower to 144.79 is unfolding. In the short term, we expect minor resistance at 148.37 to protect the upside for a break below 146.80 confirming the next wave lower to the 144.79 target. If however, the minor resistance at 148.37 is broken, that would delay the expected decline for a move closer to 148.88, but likely not above.
Trading recommendation:
We are short in EUR from 147.97 with stop placed at 148.95. If you are not short in EUR yet, then sell near 147.65 with the same stop at 148.95.
The material has been provided by InstaForex Company – www.instaforex.com
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