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06.09.201708:16 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 6, 2017

Long-term review

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Wave summary:

The correction from 131.71 broke below minor support at 129.64, which change the short term count slightly. Instead of wave i ending at 130.71 it has been shifted forward to 131.71 and the correction since then is wave ii. This wave ii correction should be close to completion. A break above minor resistance at 130.05 will be the first indication that wave ii has completed and wave iii is developing for a rally towards 136.01.

R3: 131.71

R2: 130.71

R1: 130.00

Pivot: 129.70

S1: 129.35

S2: 129.07

S3: 128.45

Trading recommendation:

Our stop at 129.55 was hit for a nice 105 pips profit. We will buy EUR again at 129.15 or upon a break above 130.10.

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