EUR/JPY - Weekly
EUR/JPY - 4 Hourly
Wave summary:
We continue to look for wave C towards at least 130.73 and possibly even lower as wave (E) of the huge triangle consolidation develops. We will like to stress that (E)-waves can be sub-normal, but it should move closer to 127.50 before completing. The question only is, how complex the zig-zag declines to here will become.
Short-term, we expect minor resistance at 132.73 will cap the upside for the expected decline towards 130.73.
R3: 132.94
R2: 132.73
R1: 132.40
Pivot: 131.96
S1: 131.70
S2: 131.34
S3: 131.00
Trading recommendation:
We are short EUR from 132.65 and will move our stop lower to 132.80. If you are not short yet, then sell near 132.73 and use the same stop at 132.80.
The material has been provided by InstaForex Company - www.instaforex.com
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