Technical summary:
Wave b (ii) ended yesterday with the test of 135.35 and now we should see wave c of (ii) moving lower towards the target zone of 132.79 - 133.08 before a new impulsive rally above 136.96 should be considered.
In the short term, we will see a break below support at 134.20 as a confirmation that wave b is over and wave c lower has taken over. As long as support at 134.20 protects the downside, another zig-zag combination higher to 135.80 is an option that can not be excluded. A break above minor resistance at 134.83 will raise odds for another zig-zag combination unfolding in wave b.
Trading recommendation:
Our stop at 134.88 was hit for a nice little profit. We will only EUR sell again if another zig-zag combination is unfolding. Otherwise, we will stay neutral.
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 May 24 - 2015 . Thanks for your support.
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