Technical summary:
The b wave of the expanded flat correction ended early at 149.78 and wave c lower is now developing for a decline towards at least 144.79 and possibly even lower to 142.05 if wave c extends. In the short term, we should see minor resistance at 148.18 and more importantly see resistance at 148.88 to protect the upside for a break below the support-line at 147.78 confirming the decline in wave c towards 144.79.
Trading recommendation:
We missed our selling opportunity and will sell here at 147.97 with a stop at 148.95 and take profit at 145.05.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/JPY for December 9 - 2014 . Thanks for your support.
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