FX.co ★ Elliott wave analysis of EUR/JPY for September 28, 2017

Wave summary:

We continue to look for wave B to move closer to resistance in the 133.05 - 133.38 area. From here wave C lower is expected towards at least 130.56 and possibly even lower to near 128.00.

Short-term a break above minor resistance at 132.75 will confirm the expected corrective rally to the 133.05 - 133.38 area.

On the other hand, a break below minor support at 132.04 will indicate that wave B completed prematurely and the decline towards at least 130.56 already is developing.

R3: 133.38

R2: 133.05

R1: 132.75

Pivot: 132.30

S1: 132.04

S2: 131.70

S3: 131.30

Trading recommendation:

We will sell EUR at 133.00 or upon a break below 132.04.