Technical summary:
Important support at 134.13 was not even close to being tested as the low was hit at 134.71. The following break above minor resistance at 136.87 indicates that at least a temporary bottom is in place. To confirm that an important bottom is in place, a break above resistance at 138.79 is still needed. We will be looking for support at 136.73 to protect the downside for a continuation higher towards 137.34 from where a shallow correction is expected and then higher towards 138.09. Only a direct break below 135.95 will be of concern, but it will take a break below 135.13 to indicate a test of important support at 134.13.
Trading recommendation:
We are long in EUR from 136.88 and will move our stop higher to 135.10.
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 January 20 - 2015 . Thanks for your support.
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