FX.co ★ Elliott wave analysis of EUR/JPY for September 7, 2017

Wave summary:

Wave ii completed at 129.36, just above the ideal corrective target at 129.12. We are now looking for wave iii higher towards 134.80 on the way higher to the ideal wave D target at 137.36.

Support is now seen at 129.81 which should protect the downside for the next rally higher to 131.35 and 131.71 on the way higher to 134.80.

R3: 131.71

R2: 131.35

R1: 130.72

Pivot: 130.40

S1: 129.95

S2: 129.81

S3: 129.54

Trading recommendation:

We are long EUR from 130.10. Stop will be placed at 129.25. Take profit will be placed at 137.15.