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05.08.202107:15 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for August 5, 2021

Exchange Rates 05.08.2021 analysis

EUR/JPY should test short-term key resistance at 131.05 soon to confirm that wave 5/ towards the long-term target at 135.42 is unfolding as expected. In the short term, we see support at 129.14 with key support at 128.59 that should be able to protect the downside for the expected test and break above the short term key resistance at 131.05 for the continuation towards 134.12 and 135.42.

Once the target at 135.42 is reached, this should complete wave 5/ and 3 and call for the new substantial correction in wave 4.

*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。

Torben Melsted,
Analytical expert of InstaSpot
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