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EUR/JPY Up trend in 4 Hour chart

Wednesday, February 15, 2017 15:30
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(Before It's News)

eur-jpyTrend is bullish in EUR/JPY currency pair, 4 hours time frame. Medium term vital support level is present at 119.91 support level.

Based on Elliott wave analysis, I expect price action to move sideways and then rise up. Market is most likely going to print a Bullish Flat or Triangle pattern. In both cases, price is going to move up in coming trading days towards 121.85 price level.

So, a good idea is to wait for a bullish break out in price action and then go long. However; if price of EUR/JPY currency pair falls below 119.91 support level then up trend is going to fail. In such case, I would prefer to stay out of the market and re-analyze the price action in EUR/JPY currency pair in 4 hours chart.



Source: http://fxinstructor.com/blog/eurjpy-up-trend-in-4-hour-chart

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