Technical summary:
This cross is trading in a more and more narrow range, which opens the possibility/risk of this consolidation as being both a compressed wave ii or an x-wave. If it's a wave ii, then we soon should see a break below 133.64 and more importantly below 132.54 for a continuation lower towards 125.98. If however, it proves to be an x-wave, then we should see a break above resistance at 135.16 for a continuation of the correction from 130.14 towards 137.64.
Trading recommendation:
We sold EUR at 133.98 and has placed our stop at 135.40.
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 February 10 - 2015 . Thanks for your support.
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