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24.08.2017 07:45 AM
Elliott wave analysis of EUR/JPY for August 24, 2017

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Wave summary:

We continue to look for a break above minor resistance near 129.75 and more importantly a break above resistance at 130.40 that confirms renewed upside pressure towards the ideal wave D target at 137.36.

Short-term support is seen at 128.28 and then at 127.82 which ideally will protect the downside for the break above 129.75.

R3: 130.40

R2: 129.75

R1: 129.50

Pivot: 129.00

S1: 128.63

S2: 128.42

S3: 128.28

Trading recommendation:

We are long EUR from 128.50 with our stop placed at 127.75. If you are not long EUR yet, then buy near 128.28 and use the same stop at 127.75.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2024
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