FX.co ★ Elliott wave analysis of EUR/JPY for August 10, 2020

EUR/JPY is currently building a wave iv correction. It is likely to decline to 123.78 before the next impulsive rally higher towards 127.25 and ideally closer to 129.26 is seen. Short-term support is located near 124.21 and at 123.78 which may protect the downside for the next impulsive rally higher.

R3: 125.82

R2: 125.59

R1: 125.43

Pivot: 125.01

S1: 124.63

S2: 124.21

S3: 123.78

Trading recommendation:

We will but EUR at 123.85 or upon a break above 125.41