Wave summary:
We could still see a little more correction closer to support near 132.88 before the next rally higher towards at least 135.34 and possibly even 136.69 form where a new strong decline is expected.
If our count is correct, a leading diagonal seen from 141.04 to 129.62 as wave (i) and a corrective rally is currently unfolding in wave (ii). Once this corrective rally comes to an end renewed downside pressure towards 129.62 and below is expected.
Trading recommendation:
We are look for a buying opportunity at 132.95 or upon a breakout above 134.12 (one order done cancels the other).
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 December 9, 2015 . Thanks for your support.
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