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Elliott wave analysis of EUR/JPY for September 3, 2019

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EUR/JPY has continued lower and is now testing the equality target, where wave Y is equal in length to wave W. This target is seen at 116.37. We could see EUR/JPY try to spike lower, but ideally EUR/JPY will close above this target on a daily basis and start moving higher and a break above 117.93 will be a strong indication that a long-term bottom finally is in place and a new impulsive rally can begin,

However, for now the main trend remains down and we need to see signs of a possible bottom developing.

R3: 117.93

R2: 117.15

R1: 116.81

Pivot: 116.37

S1: 116.00

S2: 115.74

S3: 115.33

Trading recommendation:

We are looking for a buy opportunity, but will only buy a break above 117.93.

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