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Today, Jason Farkas, one of the Currency Specialty Service analysts covering cross rates, has EUR/JPY on his radar. You have to look at this chart to understand why (some Elliott wave labels erased for this article):
Due to the choppy, overlapping price action in the EUR/JPY off the recent low, Jason identifies the entire move as a correction (labeled WX, with wave Y in progress). Corrections are pauses within larger trends, which is why, says Jason,
"I'd like to see the EUR/JPY rally fail below XXX.XX price level and decline back below XXX.XX."
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