Technical summary:
We have five waves down from 149.55, which could indicate a bottom in place. But the rally of the 126.87 low is not impulsive, at least not yet. So, we have to use the facts we do have. They say the overall pressure remains directed to the downside for a final decline closer to 125.98 as long as resistance at 131.74 protect the upside. A break below 130.00 followed by a break below support at 129.26 is going to add more downside pressure. A break above 131.74 and more importantly a break above resistance at 133.39 (the bottom of red wave i) will confirm that a firm bottom is in place.
Trading recommendation:
Our stop at 130.35 was hit for a little, but nice profit. We will place a EUR-sell order at 129.85 and a EUR buy-order at 131.80 (one order done cancels the other)
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 25 - 2015 . Thanks for your support.
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