Elliott wave analysis of EUR/JPY for September 13, 2017

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Wave summary:

EUR/JPY is broken into new highs for the rally from 109.48, just as we expected. We continue to look for more upside closer to 134.80 and the ideal wave (D) target at 137.36, from where the final zig-zag decline in wave (E) should take over.

Support is now seen at 131.10, which should be able to protect the downside for the expected rally higher. R3: 134.80

R2: 132.67

R1: 132.19

Pivot: 131.50

S1: 131.10

S2: 130.87

S3: 130.65

Trading recommendation:

We are long EUR from 130.10 and will raise our stop to 130.60. Take profit is placed at 137.15.

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