26.09.201805:19 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for September 26, 2018

Long-term review

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The sideways consolidation since the minor peak at 133.13 is shaping up like an ascending triangle indicating more upside pressure towards 134.07 once the consolidation is complete. A break above resistance at 133.13 will confirm the completion of the triangle and a rally towards at least 134.07 in blue wave (3). Even though we have moved our expectation for the possible peak of blue wave (3) lower, we still expect a rally higher towards 136.50 longer-term, it's just the road to there, that becomes a bit different than first expected.

Support is now seen at 132.58 and then at 132,34. The later can not be broken as that will call for a different corrective pattern and likely dip to 131.88 before higher towards 134.07 and above.

R3: 134.07

R2: 133.48

R1: 133.07

Pivot: 132.58

S1: 132.34

S2: 131.88

S3: 131.53

Trading recommendation:

We are long EUR from 129.11 with our stop placed at 130.85. Upon a break above 133.13 we will move our stop higher to 131.80 and we will take profit on half our position at 133.90.

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