EUR/JPY technical analysis: Bulls fall short of 50-D EMA

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  • EUR/JPY is correcting higher very near term but bulls are yet to take out the 50-D EMA.
  • Elliott wave counts point to a correction at this juncture. 
  • Bears can aim for a test of the recent swing lows of 120.78 guarding a 119.91 78.6% Fibonacci retracement. 
  • 118.50 will bring in the flash crash low territory. 
  • On the flip side, a break of the 50-D EMA opens 125.40 ahead of the Dec low of 125.64.
  • The 200-D EMA is located at 126.50 ahead of the 26th Oct spike low at 126.63.

 

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