Elliott wave analysis of EUR/JPY for December 17 – 2014
December 17, 2014 7:30 am
Technical summary:
The decline from 149.78 is in no way as pretty as we would have liked, but we see no reason to change our view of a continuation lower to 144.77 and likely even 143.39 before a bottom could be in place. In the short term, we would like minor resistance at 147.03 to protect the upside for the next decline towards 144.77, but only a break above 148.23 will invalidate the bearish view and call for a rally to new highs.
Trading recommendation:
We will stay neutral for now, but look for possible buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
The decline from 149.78 is in no way as pretty as we would have liked, but we see no reason to change our view of a continuation lower to 144.77 and likely even 143.39 before a bottom could be in place. In the short term, we would like minor resistance at 147.03 to protect the upside for the next decline towards 144.77, but only a break above 148.23 will invalidate the bearish view and call for a rally to new highs.
Trading recommendation:
We will stay neutral for now, but look for possible buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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