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Elliott wave analysis of EUR/JPY for September 27 - 2019

analytics5d8d9730a9995.png

With the break below key-support at 117.54 is clear that a more complex wave ii correction has been unfolding. The second corrective wave is currently unfolding. It should make a dip into the 117.15 - 117.28 area before completing and setting the stage for a new impulsive rally in wave iii towards at least 121.98 and likely even higher.

For now, we will look for a final dip into the 117.15 - 117.28 area as long as minor resistance at 117.91 is able to cap the upside. A break above this resistance, will be the first indication that wave ii has completed and wave iii is developing.

R3: 118.51

R2: 118.23

R1: 118.07

Pivot: 117.91

S1: 117.52

R2: 117.28

R3: 117.15

Trading recommendation: Our stop at 117.50 was hit for a small loss. We will buy EUR again at 117.35 or upon a break above 117.91

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