Elliott wave analysis of EUR/JPY for February 17 - 2015

2015-02-17-EURJPY-4H.png

Technical summary:


The correction from 130.14 just became even more complex, as a triple zig-zag combination is unfolding. The upper target remains the same at 137.65. At this point, only a direct break below support at 133.64 and more importantly a break below 132.52 will tell us, that the correction in wave (iv) ended early and wave (v) lower to 125.98 is already unfolding.


Trading recommendation:


We are still looking for a EUR-selling opportunity at 137.55


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