Elliott Wave Analysis of EUR/JPY for September 20, 2017

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Wave summary:

We continue to look for more upside towards 136.14 and the ideal wave D target at 137.36 before turning lower in wave E. Short-term, we expected minor support at 132.24 to be able to protect the downside for the next rally higher to 134.80 and 136.14. A break below 132.24 will delay the expected upside, but support at 130.56 must hold or wave D is likely to complete prematurely.

R3: 134.80

R2: 134.25

R1: 133.85

Pivot: 133.50

S1: 133.12

S2: 132.94

S3: 132.61

Trading recommendation:

We are long EUR from 131.76 with stop placed at 132.55. We will take half profit at 134.80.

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