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    Elliott wave analysis of EUR/JPY for June 14 - 2016

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    Wave summary:

    The long-term corrective decline from the 149.56 high should terminate near 117.35. At the level of 117.35 wave C will be equal in length to wave A, which is the most common relationship between the two impulsive waves in a zig-zag correction.

    A decline in wave C from 141.06 was very difficult to read because of the overlapping waves and a skewed triangle as wave (iv). They resemble ending diagonals as we took it at first, but when support at 120.28 gave away too, this interpretation couldn't be correct.

    A break above minor resistance at 120.32 will be a strong indication that the corrective low finally is in place, while a break above resistance at 122.23 is needed to confirm a low and that a new impulsive rally is developing.

    Trading recommendation:

    Buy the EUR at 117.50 with stop placed at 116.50.


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