Technical summary:
What looked like a sure bet towards the downside yesterday, was quickly reversed and the short-term picture has turned a bit messy. The b-wave triangle could turn out to be larger than we first expected, but ultimately the outcome should be the same, which is a downside thrust out of the triangle towards 130.00.
Only a break above resistance at 137.35 will change the picture in favor of the bullish scenario.
Trading recommendation:
Our stop at 136.20 was hit. We will sell again near 137.00 with a stop placed at 137.45
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 6, 2015 . Thanks for your support.
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