InstaForex - Analytics

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    Elliott wave analysis of EUR/JPY for March 7 - 2016 2016-03-07

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    Wave summary:

    With the break above minor resistance at 125.01 the possible running triangle was invalidated and instead the expanded flat correction took over as a preferred corrective pattern. Red wave c should ideally make it to 126.24 before the expanded flat is complete for a new impulsive decline to 119.90.

    Short-term support is seen at 124.35, which ideally will protect the downside for the rally towards 126.24.

    Trading recommendation:

    Sell EUR near 126.24 and place stop at 127.45.


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