Elliott wave analysis of EUR/JPY for September 5, 2017


Wave summary:

Support at 129.64 should be able to protect the downside for the next rally higher towards 134.80 and the long-term target for wave D at 137.36. An unexpected break below support at 129.64, will shift the top of wave i forward to the 131.71 higher and the ongoing decline from this high as a wave ii correction with an ideal target set at 129.12 before turning higher again.

R3: 131.71

R2: 131.38

R1: 130.69

Pivot: 130.00

S1: 129.64

S2: 129.12

S3: 128.50

Trading recommendation:

We are long EUR from 128.50 with stop placed at 129.55. If you are not long EUR yet, the buy a break above 131.38 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 September 5, 2017

Won't your trader friends like this?
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Leave a Reply