Elliott wave analysis of EUR/JPY for August 29, 2017

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Wave summary:

EUR/JPY breaks above resistance at 131.40 confirming our count for more upside pressure towards 137.36 to complete wave D of the huge triangle consolidation. We now see support at 130.42, which ideally should protect the downside for the continuation higher, but only a break below support at 129.64 will question our count.

R3: 134.80

R2: 132.65

R1: 131.40

Pivot: 131.00

S1: 130.42

S2: 129.64

S3: 129.03

Trading recommendation:

We are long EUR from 128.50 and will raise our stop to 129.55. If you are not long EUR yet, then buy near 130.42 and use the same stop at 129.55.

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

Source:: Elliott wave analysis of EUR/JPY for August 29, 2017

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