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17.09.2019 06:36 AM
Elliott wave analysis of EUR/JPY for September 17, 2019

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EUR/JPY moved lower to the top of our second target area between 118.41 - 118.68. This second dip to 118.68 is more than enough to make a strong base for the next impulsive rally higher towards at least 121.94 and likely even closer to 125.40 as wave iii develops.

In the short term, a break above minor resistance at 119.24 and more importantly a break above resistance at 119.48 will confirm that red wave ii has completed and red wave iii higher towards 121.94 is developing.

R3: 120.70

R2: 120.30

R1: 120.00

Pivot: 119.48

S1: 119.02

S2: 118.68

S3: 118.41

Trading recommendation:

We are long EUR from 118.25 with our stop placed at 117.50

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