Technical summary:
With a break above important short-term resistance at 134.18, we were right letting bulls have the benefit of the doubt. We are still looking for a move closer to 136.33. However, in the short term, we should see a minor decline to 134.31 before the final rally higher to 136.33 to end wave (iv) and set the stage for wave (v) lower towards 125.98 to end the major expanded flat correction.
Trading recommendation:
We are long EUR from 132.60 and will raise our stop to 133.55 and keep our take-profit at 136.20.
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 4 - 2015 . Thanks for your support.
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