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EURJPY To Regain Positive Bias?

Discussion in 'Technical Analysis' started by FXStreet_Team, Dec 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EURJPY rose heavily after the ECB ‘s policy statement on December 3rd. However, soon after that, the pair started declining again, reaching the lows near 131.02 today. Are we going to see all of the post-ECB gains erased or is this weakness only temporary? The chart below shows what the Elliott Wave Principle suggests EURJPY is most likely to do. As visible, there is a five-wave impulse up to 134.58, followed by what appears to be a three-wave A-B-C zig-zag to the south. According to the

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