24.09.201805:35 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 24, 2018

Long-term review

Exchange Rates 24.09.2018 analysis

EUR/JPY has rallied nicely and is well underway towards 134.07 and above towards the 136.06 - 136.50 zone.

In the short-term, we expect support near 131.99 to be able to protect the downside for the next push higher towards 134.07. Support at 131.99 should be broken then a dip closer to 131.53 max will appear. 131.03 should be expected before the next push higher.

R3: 134.07

R2: 133.13

R1: 132.62

Pivot: 131.99

S1: 131.53

S2: 131.03

S3: 130.54

Trading recommendation:

We are long EUR from 129.11 with our stop placed at 130.85. If you are not long EUR yet, then buy near 132.00 and use the same stop at 130.85.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2021
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