Elliott wave analysis of EUR/JPY for September 29, 2021

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We have seen the expected test of short-term key resistance at 130.56. We have, however, not seen a break above here yet and do expect a minor setback close to 129.22 before the next attempt to break above short-term key resistance at 130.56. A break will call for a continuation higher to 134.24 and the long-term target for wave 3 at 135.42.

As long as resistance at 130.56 holds firm, a more complex wave 4/ correction can't be excluded, but the odds for this outcome remain low.

The material has been provided by InstaForex Company - www.instaforex.com

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