FX.co ★ Elliott wave analysis of EUR/JPY for September 25, 2017

Wave summary:

As long as support at 133.24 is able to protect the downside, we will keep our focus towards the upside for a continuation higher towards 134.80 and 136.14 on the way towards the ideal wave D target at 137.36.

From 137.36 or upon a direct break below support at 133.24 a zig-zag decline in wave E will be expected to complete the huge triangle consolidation, that has been developing since July 2008.

R3: 136.14

R2: 134.80

R1: 134.41

Pivot: 134.00

S1: 133.24

S2: 132.94

S3: 132.61

Trading recommendation:

We are long EUR from 131.76 with stop placed at 133.15. We will take half profit at 134.80.