Elliott wave analysis of EUR/JPY for December 19 – 2014
December 19, 2014 7:40 am
Technical summary:
The expanded flat correction, we have been tracking is still unfolding nicely. We expect resistance at 146.76 will protect the upside for a break below support at 145.59 confirming a decline to 143.81 and maybe even lower to 142.05. Only an unexpected break above 146.76 will cause concern and a break above 147.03 will invalidate the call for one more new low and indicate that the correction from 149.13 ended early.
Trading recommendation:
We are still looking for a buying opportunity and will place a conservative buy-order at 147.05, just in case a premature low is seen.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
The expanded flat correction, we have been tracking is still unfolding nicely. We expect resistance at 146.76 will protect the upside for a break below support at 145.59 confirming a decline to 143.81 and maybe even lower to 142.05. Only an unexpected break above 146.76 will cause concern and a break above 147.03 will invalidate the call for one more new low and indicate that the correction from 149.13 ended early.
Trading recommendation:
We are still looking for a buying opportunity and will place a conservative buy-order at 147.05, just in case a premature low is seen.
The material has been provided by InstaForex Company – www.instaforex.com
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