Elliott wave analysis of EUR/JPY for September 11, 2017

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Wave summary:

We continue to look for more upside pressure towards 134.80 and then the ideal wave (D) target at 137.36. Once wave (D) is complete and zig-zag decline will be expected in wave (E), which will complete the huge triangle consolidation that has developed since July 2008.

Short-term, we are looking for a break above minor resistance at 131.10 which confirms more upside towards 134.80 and above. Only a break below 129.35 will delay the expected rally higher.

R3: 131.71

R2: 131.10

R1: 130.67

Pivot: 130.40

S1: 130.13

S2: 129.95

S3: 129.43

Trading recommendation:

We are long EUR from 130.10 with stop placed at 129.25. Take profit is placed at 137.15.

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

Source:: Elliott wave analysis of EUR/JPY for September 11, 2017

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