Technical summary:
As long as support at 133.51 protects the downside, the upward correction from 130.14 could still move higher towards 137.65, but a break below 133.51 will indicate, that wave (iv) ended already at 136.69 and wave (v) lower towards 125.98 is developing. Short-term resistance is found at 1355.35 and again at 135.94 which needs to be broken to confirm one last rally higher towards 137.65.
Trading recommendations:
We are short EUR at 133.90 with stop placed at 136.00. If you are not short EUR yet, you should only sell upon a break below 133.51
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 24 - 2015 . Thanks for your support.
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