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The bigger picture for Binary Options in EUR/JPY appears to stay Bullish, with long-term targets in the 150.0 price area.
EUR/JPY is currently in a Minor Wave C of a bigger Wave 4 correction. Wave 4’s likely termination point appears to be the 61.8% retracement of Wave 3, which coincides with the 161.8% projection of Wave C around the 134.80 area.
The chart below illustrates EUR/JPY’s current decline in Wave 4 – It is possible that Minor Wave C is complete, having already retraced 100% of Minor Wave A, but the strong bearish momentum coupled with confluence at Wave 4’s 61.8% retracement of Wave 3 suggests further decline to around the 134.80 area.
Click The Binary Options Elliott Wave Chart Below To Expand:
Should EUR/JPY continue to decline, it will be a reasonably impulsive decline – Binary Options traders will stand to make better decisions when pursuing the price in this current downtrend, before bracing for bullish continuation.
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