Technical summary:
Our dominant count is that the final decline in wave (v) currently is unfolding. A break below the minor support at 133.39 will support this count and will call for a decline towards the perfect target near 125.98. At this point only a break above the resistance at 134.60 and more importantly a break above resistance at 135.63 will invalidate the bearish count for a more complex correction in wave (iv).
Trading recommendation:
We are short EUR from 133.90 with a stop placed at 135.70. If you are not short EUR yet, then sell a break below 133.51 with stop placed at 134.65.
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 3 - 2015 . Thanks for your support.
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