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    Elliott wave analysis of EUR/JPY for February 29 - 2016 2016-02-29


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    Wave summary:

    The correction in wave b towards at least 127.41 seems to be well underway.

    Short term, we expect minor support at 123.38 to protect the downside for the next upside pressure through 125.01 for a continuation higher to 125.56 and 127.41.

    A break below support at 123.38 will call for a retest of the 122.43 low.

    As we have entered a period of correction, the moves will be more erratic and we will have to be more flexible.

    Trading recommendation:

    We are long EUR from 123.85 with stop placed at 123.35. If you are not long EUR yet, then buy near 123.65 and use the same stop at 123.35.

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