Elliott wave analysis of EUR/JPY for September 1, 2017

analytics59a8dbd953ef5.png

EUR/JPY - Weekly

analytics59a8dbefa2f6a.png

EUR/JPY - 4 Hourly

Wave summary:

We continue to look for more upside towards 137.36 to complete wave D of the huge triangle consolidation, that has been building since July 2012. This [B]-wave triangle should ultimately break higher for a rally to above 170.00.

Short-term, we are looking for support at 130.43 for the next push higher towards 134.80 and then 137.36.

R3: 134.68

R2: 132.65

R1: 131.40

Pivot: 131.00

S1: 130.85

S2: 130.42

S3: 129.64

Trading recommendation:

We are long EUR from 128.50 with stop placed at 129.55. If you are not long EUR yet, then buy near 130.45 and use the same stop at 129.55.

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