Elliott wave analysis of EUR/JPY for September 13, 2018
We still would prefer a second corrective dip closer to 128.57 before the next impulsive rally through short-term important resistance at 129.98 that will confirm red wave (3) being well underway towards 136.50 and higher.
It’s possible that EUR/JPY breaks directly above resistance at 129.98 and skips the second dip. We think it comes down to the Market having enough patience or not.
We are long EUR from 129.10 with our stop placed at 127.75. If you are not long EUR yet, then buy near 128.57 or upon a break above 129.98 and use the same stop at 127.75.