Elliott wave analysis of EUR/JPY for September 14, 2017

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Wave summary:

As long as support at 129.35 is able to protect the downside, as long will we be looking for more upside pressure towards 134.80 and ideally a continuation higher to the ideal wave (D) target at 137.36. Only an unexpected break below support at 129.35 will indicate that wave (D) has completed early and wave (E) already is developing.

R3: 132.67

R2: 132.19

R1: 132.00

Pivot: 131.50

S1: 131.00

S2: 130.85

S3: 130.65

Trading recommendation:

We are long EUR from 130.10 with stop placed at 130.65. Take profit is placed at 137.15.

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

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