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26.06.2020 08:47 AM
Elliott wave analysis of EUR/JPY for June 26, 2020

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The sideways consolidation in EUR/JPY is now meeting strong support in form of the support-line from the 114.40 low, this should be able to push EUR/JPY higher towards the next target seen near 121.83 and 124.83 as wave 3 evolves.

Short-term support is seen in the 119.90 - 120.00 area, which we expect will continue to protect the downside for the next push higher.

R3: 122.12

R2: 121.58

R1: 121.23

Pivot: 120.75

S1: 120.19

S2: 119.88

S3: 119.60

Trading recommendation:

We are long EUR from 119.95 with our stop placed at 119.35

Summary
Urgency
Analytic
Torben Melsted
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