Elliott wave analysis of EUR/JPY for September 15, 2017

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Wave summary:

We continue to look for more upside pressure towards 134.80 and 137.36 as long as minor support at 130.55 and more importantly as long as support at 129.35 is able to protect the downside. Short-term a break above minor resistance at 131.76 confirms renewed strength for the next rally higher towards 134.80.

R3: 132.67

R2: 132.00

R1: 131.76

Pivot: 131.00

S1: 130.55

S2: 130.05

S3: 129.35

Trading recommendation:

Our stop at 130.65 was hit for a small profit. We are looking to buy EUR again upon a break above 131.76 with stop placed at 130.50.

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