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EUR/JPY rallied nice into our wave iii/ target at 124.26 (it peaked at 124.43), with wave iii/ in place. It's now time for a correction in wave iv/. We already have a good idea how, this corretion will unfold and the reason for that is, the shape of wave ii/. Wave ii/ was a simple and deep zig-zag correction and the alternation principle tells us, that wave iv/ then should be small and only correct between 23.6% - 38.2% of wave iii/, which gives us a target area between 120.96 (38.2%) to 122.28 (23.6%). But because wave ii/ was simple, we also should expect wave iv/ to be complex in nature, making it hard to trade and the risk of getting stopped out of any trade is high.
R3: 124.70
R2: 124.43
R1: 124.00
Pivot: 123.51
S1: 123.23
S2: 122.68
S3: 122.28
Trading recommendation:
We sold EUR at 124.20 and we will move our stop lower to break-even and take profit at 122.35.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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