Elliott wave analysis of EUR/JPY for September 17, 2018
September 17, 2018 7:22 am
The rally from 128.92 stalled at 131.17 and a minor correction is unfolding. A final dip closer to 130.02 can not be excluded, but it should just be a matter of time before the underlying uptrend from 127,86 is resumed for a continuation higher towards 131.99 as the next sub-target on the way higher to 136.50.
Short-term a break above minor resistance at 130.41 will be a good indication that a corrective low is in place and the next impulsive rally higher is developing towards 131.99 and above.
R3: 131.45
R2: 131.15
R1: 130.54
Pivot: 130.41
S1: 130.02
S2: 129,77
S3: 129.57
Trading recommendation:
We are long EUR from 129.11 with our stop placed at 129.40. If you are not long EUR yet, then buy near 130.05 or upon a break above 130.41 and use the same stop at 129.40.
The material has been provided by InstaForex Company – www.instaforex.com
The rally from 128.92 stalled at 131.17 and a minor correction is unfolding. A final dip closer to 130.02 can not be excluded, but it should just be a matter of time before the underlying uptrend from 127,86 is resumed for a continuation higher towards 131.99 as the next sub-target on the way higher to 136.50.
Short-term a break above minor resistance at 130.41 will be a good indication that a corrective low is in place and the next impulsive rally higher is developing towards 131.99 and above.
R3: 131.45
R2: 131.15
R1: 130.54
Pivot: 130.41
S1: 130.02
S2: 129,77
S3: 129.57
Trading recommendation:
We are long EUR from 129.11 with our stop placed at 129.40. If you are not long EUR yet, then buy near 130.05 or upon a break above 130.41 and use the same stop at 129.40.
The material has been provided by InstaForex Company – www.instaforex.com
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