{lang: 'en-US'} EUR/JPY M30,H1,H4 & Daily Update ~ ElliottFxTrader Blog

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Saturday, 8 December 2012

EUR/JPY M30,H1,H4 & Daily Update

Area of 106.90 - 107.10 is now a strong technical resistance so for the price to bear it we will nees an impulsive wave.

On H4 chart EUR/JPY retaceted only 23% of the latest swing so this might indicates two things:
(1) Shallow correction for wave 2 and now strong impulsive wave 3 development: to continue with this scenario the price must develop in impulsive fashion to the upside, breaking the latest wave 1 high.
(2)It it just the begining of more time consuming correction in wave 2 ant this was just a first leg down. New low will confirm this scenario, new high will invalidate scenario. To support this view: there is untested level on daily chart that might be visited before price will make any new low.

 Waiting for breakout.

Take care,


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