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10.09.2019 06:41 AM
Elliott wave analysis of EUR/JPY for September 10, 2019

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With the break back above 118.61 a second test of the 118.61 was expected. This high is currently under fire and we could see a move closer to 118.93 if an expanded flat correction is developing. This means that a second dip towards 117.24 should be expected from 118.93 to complete the expanded flat red wave ii and set the stage for the next impulsive rally towards 123.13.

R3: 119.00

R2: 118.93

S1: 118.61

Pivot: 118.51

S1: 118.28

S2: 117.91

S3: 117.75

Trading recommendation:

We will sell the final 50% of our long position from 116.80 here at 118.64. We will re-buy EUR at 117.40.

Summary
Urgency
Analytic
Torben Melsted
Start trade
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