Technical summary:
The decline in wave iii has been stronger than we first anticipated. We have adjusted our count slightly to the more bearish count, but our ideal downside target remains at 125.98. In the short term, we could see a correction towards 129.09 and maybe even slightly closer to 129.96 before the next downside pressure is seen in a series of waves three, four, and five.
Trading recommendation:
We are short EUR from 133.90 and will lower our stop to 131.00 and place our take profit at 126.25. If you are not short EUR yet, then sell near 129.96 with the same stop and take profit.
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 March 12 - 2015 . Thanks for your support.
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