Technical summary:
The decline in wave C of the wave 2 is well advanced and it will be a matter of time when wave 2 terminates and a new impulsive rally can be expected. The only question is whether the bottom of wave 2 already has been found at 126.87 or whether we still need one final decline closer to the ideal 38.2% corrective target at 125.98 before wave 2 terminates. It all comes down to resistance at 131.74 as long as this resistance is able to protect the upside. One final decline closer to 125.98 can not be excluded, while a break above 131.74 will confirm that a bottom was found prematurely at 126.87 and wave 3 to above 149.55 is developing.
Trading recommendation:
We will stay neutral for now and place a EUR buy-order at 126.25 or at 131.85 (a closed order cancels the other one).
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 April 8, 2015 . Thanks for your support.
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