Elliott Wave Analysis of EUR/JPY for September 21, 2017

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Wave summary:

We continue to look for more upside towards 134.80 and 136.14 as the next upside targets before the ideal wave D target at 137.36 from where wave E is expected to take over in the last swing lower to complete the hugh triangle consolidation.

Short-term, we will ideally see minor support at 133.24 to protect the downside for the next move higher towards 134.80. Only an unexpected break below support at 132.24 will indicate that wave D completed early.

R3: 134.80

R2: 134.25

R1: 133.85

Pivot: 133.50

S1: 133.12

S2: 132.94

S3: 132.24

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