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    Elliott wave analysis of EUR/JPY for February 5, 2016 2016-02-05

    2016-02-05-EURJPY-8H.png

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    Wave summary:

    We continue to look for a minor correction towards 128.55 in wave ii. Once this correction is over, a new attack at the resistance line of 141.04 is expected. A break above this line confirms that a firm bottom has been seen at 126.17 and a new impulsive rally to 141.04 and higher to 149.79 as the next larger upside targets is expected.

    In the longer term, we will be looking for a rally closer to 170.00.

    Trading recommendation:

    We are looking for a buying opportunity near 128.55.


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