Technical summary:
We have seen a low at 142.88. In the short term we expect minor resistance at 144.12 to protect the upside for the next decline towards 142.44 to end wave y and possibly wave (ii). Only a direct break above 144.12 and more importantly a break above resistance at 144.65 will indicate that wave y already has finished and a new rally towards at 145.57 in a new x-wave. Only a break above 146.42 will confirm that the correction in wave (ii) is over and wave (iii) higher is developing.
Trading recommendation:
We are short EUR from 145.90 and will move our stop lower to 144.70 and take profit at 142.55. If you are not short EUR yet, then sell it near 144.12 with a stop at 144.70 and take profit at 142.55
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/JPY for January5 - 2015 . Thanks for your support.
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