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EUR/JPY likely to terminate here on Elliot waves

FXStreet (Guatemala) - EUR/JPY is trading at 138.57, down -0.56% on the day, having posted a daily high at 139.73 and low at 138.44.

EUR/JPY’s correction lower is gaining traction. The Elliott wave count on the daily chart suggests a correction lower should terminate now circa 138.50/137.90, as explained by Karen Jones, chief analyst at Commerzbank. “However the intraday Elliot wave counts are suggesting that this move should terminate circa 139.00/138.50 and we will hold our long position for now”. She added that near term rallies will need to regain 140.10 in order to reassert upside pressure at this point and trigger a move to 141.88 and 143.55 (61.8% and 78.6% retracement of the move seen this year). “This is regarded as the last defense for the 145.68 December 2013 high”.

EUR/JPY levels

Current price is 138.57, with resistance ahead at 138.65 (Daily 20 SMA), 138.92 (Daily Classic S1), 139.00 (Yesterday's Low), 139.02 (Hourly 20 EMA) and 139.36 (Weekly Low). Next support to the downside can be found at 138.49 (Weekly Classic S1), 138.48 (Daily Classic S2), 138.44 (Daily Low), 138.22 (Daily 100 SMA) and 137.95 (Daily Classic S3).

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