Elliott wave analysis of EUR/JPY for September 12, 2017

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Wave summary:

No change in view here.

We continue to look for a move higher towards 134.80 and the ideal wave (D) target at 137.36. Short-term a break above minor resistance at 131.10 should release the energy for the next rally higher towards 134.80 and above.

Only an unexpected break below 129.35 will delay the expected rally higher.

R3: 134.80

R2: 132.67

R1: 131.70

Pivot: 131.00

S1: 130.65

S2: 130.35

S3: 130.00

Trading recommendation:

We are long EUR from 130.10 with stop placed at 129.25. Take profit is placed at 137.15.

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