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02.10.2019 06:58 AM
Elliott wave analysis of EUR/JPY for September 2 - 2019

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We are still looking for a clear break above short-term key-resistance at 118.56. A break above the key-resistance will be a strong indication that wave ii has completed and a new impulsive rally in wave iii is starting for a rally towards at least 121.93 and likely even higher.

Short-term key support is seen at 117.43. If it is broken, the potential downside should be limited to the 117.14 - 117.28 area before completing wave ii and setting the stage for wave iii higher

R3: 118.79

R2: 118.56

R1: 118.20

Pivot: 118.02

S1: 117.91

S2: 117.73

S3: 117.55

Trading recommendation:

We are long EUR from 117.92 with our stop placed at 117.40

Summary
Urgency
Analytic
Torben Melsted
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