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18.09.2019 06:35 AM
Elliott wave analysis of EUR/JPY for September 18, 2019

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EUR/JPY has recovered nicely from the corrective low at 118.66. We expect a continuation higher to at least 121.94 and likely even higher towards 122.97 and 124.64 as red wave iii accelerates higher.

Short-term a clear break above the former peak at 120.01 will confirm our view of more upside pressure towards 121.94 and above. That said, we should expect a minor corrective dip from near 120.01 to 119.60 before moving higher again.

R3: 120.70

R2: 120.30

R1: 120.00

Pivot: 119.60

S1: 119.20

S2: 118.92

S3: 118.66

Trading recommendation:

We are long EUR from 118.25 with our stop placed at 117.50

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