InstaForex - Analytics

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    Elliott wave analysis of EUR/JPY for March 11, 2016 2016-03-11

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    Wave summary:

    EUR/JPY has moved higher than expected and is likely to test the strong resistance near 126.90. As long as this resistance protects the upside, the long-term correction lower will be intact for a decline closer to 119.90 and even lower to 117.37.

    If, however, this resistance gets broken, it will be the first good indication that the long-term correction is over and a new impulsive rally is approaching.

    We still prefer one more decline to end this larger correction, but we will stay flexible if the price-action tell us that a bottom is already in place.

    Trading recommendation:

    We will sell EUR here at 126.79 with stop revers placed at 128.20


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