Elliott wave analysis of EUR/JPY for September 12, 2018

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Resistance at 129.11 was no real match for the rally from 127.85. This break above 129.11 was the first strong indication that red wave (2) had completed and red wave (3) towards 136.50 is taking over. The final confirmation that red wave (3) is in motion is seen in form of a break above resistance at 129.98, that will confirm the next impulsive rally towards 136.50 and above.

However, before EUR/JPY will be ready to break clearly above 129.98, we will likely see a minor corrective dip to 128.57 from where the next upside challenge should begin.

R3: 130.49

R2: 129.98

R1: 129.57

Pivot: 129.09

S1: 128.74

S2: 128.57

S3: 128.19

Trading recommendation:

We are long EUR from 129.11 with our stop placed at 127.75. If you are not long EUR yet, then buy near 128.57 and use the same stop at 127.75.

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