Elliott wave analysis of EUR/JPY for December 18 – 2014
December 18, 2014 8:00 am
Technical Summary:
There is nothing new to add here. The expanded flat correction is still unfolding and we are still looking for a move lower in wave c towards 143.81 and maybe even lower to 142.05, where we find wave iv of a smaller degree. In the short run, we will be looking for resistance near 147.03 to protect the upside for a break below 145.34 confirming the next decline towards 143.81. Only a break above 148.23 will invalidate the bearish outlook.
Trading recommendation:
We are neutral and are waiting for an opportunity to buy EUR.
The material has been provided by InstaForex Company – www.instaforex.com
Technical Summary:
There is nothing new to add here. The expanded flat correction is still unfolding and we are still looking for a move lower in wave c towards 143.81 and maybe even lower to 142.05, where we find wave iv of a smaller degree. In the short run, we will be looking for resistance near 147.03 to protect the upside for a break below 145.34 confirming the next decline towards 143.81. Only a break above 148.23 will invalidate the bearish outlook.
Trading recommendation:
We are neutral and are waiting for an opportunity to buy EUR.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: