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EUR/JPY decelerates towards higher degree correction

by Elena

EURJPY is hitting new highs for the last 10 years or so, with the price acting impulsively here with some sharp leg up, but traders should now be aware of limited upside and a new deeper correction that may already be in progress after prices found resistance at 164.

We see some nice and sharp reversals in the last week or so, so it appears that a three-wave higher degree A-B-C correction within wave (IV) may be in play, possibly back to the 151 – 150 support area.

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