Elliott Wave Analysis of EUR/JPY for September 22, 2017

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Wave summary:

EUR/JPY is fighting to maintain the rally in wave D intact, but obviously it's becoming quite a struggle. However, as long as minor support at 133.24 is holding firm, the uptrend remains firmly in place for a possible push higher to 134.80 and 136.14 on the way towards the ideal wave D target at 137.36.

If however support at 133.24 is broken, that will weaken the uptrend and call for a decline to at least 132.00, before the possibility of a new rally higher.

R3: 136.14

R2: 134.80

R1: 134.39

Pivot: 134.00

S1: 133.24

S2: 132.00

S3: 130.55

Trading recommendation:

We are long EUR from 131.76. We will lift our stop to 133.15. We will take half profit at 134.80.

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