Elliott wave analysis of EUR/JPY for September 29, 2017

Wave summary:

Our preferred long-term count saw wave (D) complete with the test of 134.41 and wave (E) is now developing. The ideal target for wave (E) is seen at 117.72. The decline from 134.41 to 131.70 was clearly in five waves indicating more downside should be seen once the ongoing wave B is complete. Ideally, this B-wave will terminate in the 133.05 — 133.37 area for the next impulsive decline to below 131.70.

R3: 133.37

R2: 133.05

R1: 132.89

Pivot: 132.50

S1: 132.24

S2: 132.04

S3: 131.70

Trading recommendation:

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

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