Elliott wave analysis of EUR/JPY for September 8, 2017

Wave summary:

We continue to look higher towards the ideal wave (D) target at 137.36 to complete the triple zig-zag correction from 109.48 and set the stage for the final decline within the triangle towards 117.17 as the ideal target for wave (E) and the triangle consolidation in wave [B].

Short-term, we expect the support at 129.35 will be able to protect the downside for the next rally higher towards the 137.36 target.

R3: 131.71

R2: 131.35

R1: 130.72

Pivot: 130.40

S1: 130.13

S2: 129.95

S3: 129.62

Trading recommendation:

We are long EUR from 130.10 with stop placed at 129.25 and 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 8, 2017