Elliott wave analysis of EUR/JPY for June 9, 2017

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Wave summary:

Important support at 122.53 is still holding firm and should continue to do so for a rally higher towards 134.62 to complete the wave d of the triangle consolidation. Once the wave d is complete a final dip in wave e should be seen before renewed upside pressure is seen through resistance at 125.31 for a rally towards 134.35.

R3: 124.40

R2: 124.04

R1: 123.77

Pivot: 123.50

S1: 123.23

S2: 122.71

S3: 122.53

Trading recommendation:

We are long EUR from 123.55 with stop placed at 122.45. Take profit is seen at 124.50

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

Source:: Elliott wave analysis of EUR/JPY for June 9, 2017

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