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24.09.201906:42 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 24 - 2019

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The failure to rally from 118.41 is concerning, but as long as key-support at 117.54 stays intact we will keep our bullish expectations for a new impulsive rally towards at least 121.97. In the short-term, a break above minor resistance at 118.79 will be the first strong indication that the next impulsive rally higher is developing.

Should an unexpected break below key-support at 117.54 be seen, it will tell us, that a much more complex wave ii has been developing and a dip to 117.15 is expected before turning higher again.

R3: 118.72

R2: 118.53

R1: 118.35

Pivot: 118.07

S1: 117.72

S2: 117.54

S3: 117.15

Trading recommendation:

We are long EUR from 118.25 with our stop placed at 117.50. If our stop is taken out, we will re-buy EUR at 117.25.

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