Elliott wave analysis of EUR/JPY for December 15, 2015
December 15, 2015 7:00 am
Wave summary:
An anticipated correction in wave b seems to end just before the 50% corrective target at 132.11 (the low of 132.48), a breakout above minor resistance at 133.34 will be the first good indication that wave b is over, while a breakout above resistance at 133.77 will be needed to confirm that wave b is over and wave c is headed higher towards at least 135.34 and even 136.69.
Support is found at 132.80 and should protect the downside for a breakout above 133.34.
Trading recommendation:
We will buy at 132.90 or upon a breakout above 133.77 with stop at 132.40.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
An anticipated correction in wave b seems to end just before the 50% corrective target at 132.11 (the low of 132.48), a breakout above minor resistance at 133.34 will be the first good indication that wave b is over, while a breakout above resistance at 133.77 will be needed to confirm that wave b is over and wave c is headed higher towards at least 135.34 and even 136.69.
Support is found at 132.80 and should protect the downside for a breakout above 133.34.
Trading recommendation:
We will buy at 132.90 or upon a breakout above 133.77 with stop at 132.40.
The material has been provided by InstaForex Company – www.instaforex.com
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