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Elliott wave analysis of EUR/JPY for December 29 - 2014

2014-12-29-EURJPY-8H.png


Technical summary:


There is no real change here. We are still looking for a rally towards 148.36 to end the x-wave and set the stage for a new decline in wave y towards at least 143.50 and possibly even lower to 142.06. Only a direct break below support at 145.95 will indicate that the x-wave ended early, and the decline to 143.50 is developing.


Trading recommendation:


Our stop at 146.40 was hit. We will sell EUR again at 148.30 or upon a break below 145.95.


The material has been provided by InstaForex Company - www.instaforex.com