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23.12.2014 06:31 AM
Elliott wave analysis of EUR/JPY for December 23 - 2014

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Technical summary:

The break above 147.03 suggests that an x-wave higher to nearly 148.23, but not above this resistance, is unfolding. Once we get close to 148.23, we should look for signs, that the next zig-zag correction lower is unfolding towards 142.06. However, if resistance at 148.23 is broken, then the correction unfolding shifts to a flat correction calling for a return to 149.78 before lower in wave c.

Trading recommendation:

Our stop+reverse at 147.05 was hit and we are now long in EUR from 147.05 and will place stop at 145.90 and take profit at 148.05

Summary
Urgency
Analytic
Torben Melsted
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