Technical summary:
We are still looking for a final decline towards the ideal target at 125.98. In the short term a break below minor support at 128.36 and, more importantly, a break below support at 128.03 will confirm that the final impulsive decline is developing. A decline to 125.98 will finish the impulsive decline from 149.55. It will mark wave C of the expanded flat correction that has been unfolding over the last three months. Resistance is now found at 129.16 which will protect the upside for the expected decline.
Trading recommendation:
Our stop at 129.10 was hit for a very nice profit. We will sell EUR here at 128.63 again with stop placed at 129.15 and will place take profit at 126.25.
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 18 - 2015 . Thanks for your support.
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