FX.co ★ Elliott wave analysis of EUR/JPY for September 1, 2017

EUR/JPY - Weekly

EUR/JPY - 4 Hourly

Wave summary:

We continue to look for more upside towards 137.36 to complete wave D of the huge triangle consolidation, that has been building since July 2012. This [B]-wave triangle should ultimately break higher for a rally to above 170.00.

Short-term, we are looking for support at 130.43 for the next push higher towards 134.80 and then 137.36.

R3: 134.68

R2: 132.65

R1: 131.40

Pivot: 131.00

S1: 130.85

S2: 130.42

S3: 129.64

Trading recommendation:

We are long EUR from 128.50 with stop placed at 129.55. If you are not long EUR yet, then buy near 130.45 and use the same stop at 129.55.