Technical summary:
The inverse S/H/S neckline near 137.30 should provide support for a new rally above minor resistance at 138.40, confirming the next impulsive rally higher to at least 139.31 and likely even higher to 140.36 to end red wave v and wave iii.
Only a clear break below the neckline will frustrate the overall bullish picture, while a break below support at 136.49 will invalidate the bullish count.
Trading recommendation:
We are still looking to buy EUR at 137.45 with stop placed at 136.45.
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 August 18 - 2015 . Thanks for your support.
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