Technical summary:
A break above the base-channel resistance-line was, in fact, a strong acceleration higher with the first extension target at 131.90. A rally through this resistance was seen for a continuation higher to the 200% extension target at 132.95. Now, the broken base channel resistance-line near 131.22 should ideally provide the support for the next rally to 134.65 but even if blue wave iv moves back into the base-channel, it should not move below 130.36 before the next rally towards 134.65.
Trading recommendation:
We are long EUR from 128.85 and will move our stop higher to 130.20. If you are not long EUR yet, then buy EUR near 131.22 with the same stop at 130.20.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/JPY for April 30 - 2015 . Thanks for your support.
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