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18.12.2014 06:32 AM
Elliott wave analysis of EUR/JPY for December 18 - 2014

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Technical Summary:

There is nothing new to add here. The expanded flat correction is still unfolding and we are still looking for a move lower in wave c towards 143.81 and maybe even lower to 142.05, where we find wave iv of a smaller degree. In the short run, we will be looking for resistance near 147.03 to protect the upside for a break below 145.34 confirming the next decline towards 143.81. Only a break above 148.23 will invalidate the bearish outlook.

Trading recommendation:

We are neutral and are waiting for an opportunity to buy EUR.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2025
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Torben Melsted
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