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11.08.202207:42 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 11, 2022

Exchange Rates 11.08.2022 analysis

The correction in wave 2/ is still ongoing and the price should ideally spike down to the 50% corrective target at 131.69 before the next impulsive rally higher towards 149.13. The long-term picture shows a huge [B]-wave triangle, that has been unfolding since 2008 and was completed with a breakout in February 2021. This calls for wave [C] that ultimately should break above the peak of wave [A] at 169.97.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2022
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