Wave summary:
We have seen the expected downside thrust out of the triangle consolidation, which ideally will take us lower to the minor cluster of support near the 124.30-124.40 area. Once this target has been reached, a new correction towards 127.00 and maybe even 128.00 should be seen before the next downside pressure sets in.
In the longer term, we continue to look for lower levels towards 123.20 and 121.80 as the next downside targets.
Trading recommendation:
We are short EUR from 130.95 and will move our stop lower to 128.60. If you are not short EUR yet, then sell near 127.70 and use the same stop at 128.60.
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 January 21 - 2016 . Thanks for your support.
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