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Elliott wave analysis of EUR/JPY for June 4, 2018

analytics5b14af21ca4b1.png

EUR/JPY continues to move higher from its possible wave (E) low at 124.59. The rally of this low, clearly has impulsive characteristics, indicating that long-term low could be in place at 124.59.

The ongoing rally is running into resistance in the 128.44 - 128.66 area, which likely will cap the upside for a deeper corrective decline in wave ii. This corrective decline will likely dip into support in the 126.31 - 126.60 area before turning back up in wave iii.

R3: 128.66

R2: 128.44

R1: 128.29

Pivot: 127.93

S1: 127.54

S2: 127.17

S3: 126.80

Trading recommendation:

We are long EUR from 126.84 and will move our stop higher to 127.90 and we will take profit at 128.45.

The material has been provided by InstaForex Company - www.instaforex.com