Elliott wave analysis of EUR/JPY for September 11, 2019

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Despite moving above our target for wave b at 118.93 we continue to look for wave c of an expanded flat correction starting to develop soon. This c wave will ideally see a decline to 117.24 before the next impulsive rally higher towards 123.13.

Short-term a break below minor support at 118.75 will indicate wave c being in motion.

R3: 119.88

R2: 119.59

R1: 119.29

Pivot: 118.75

S1: 118.51

S2: 118.28

S3: 117.91

Trading recommendation:

We are looking for a EUR buying opportunity near 117.40

The material has been provided by InstaForex Company – www.instaforex.com