Elliott wave analysis of EUR/JPY for August 29, 2017


Wave summary:

We continue to look for more upside closer to 137.36 to complete wave D of the huge ongoing triangle consolidation. Short-term, we are looking for support near 129.03 to be able to protect the downside for the next rally higher towards 134.80 on the way higher to 137.36.

R3: 134.80

R2: 132.65

R1: 131.40

Pivot: 131.00

S1: 129.64

S2: 129.03

S3: 128.67

Trading recommendation:

We are long EUR from 128.50 and will move our stop to break-even at 128.50. If you are not long EUR yet, then buy near 129.03 and use the same stop at 128.50

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