FX.co ★ Elliott wave analysis of EUR/JPY for September 4, 2020

EUR/JPY has found temporary support near 125.24. After a sideways consolidation, it may continue to drop through this support to the corrective target near 124.41 to complete wave C/ and 2/ and set the stage for a new impulsive rally higher to at least 129.24 and likely much higher to 135.46.

However, for now, we should stay focused on the downside and the final parts of the correction in wave C/ and 2/ closer to 124.41.

R3: 126.29

R2: 126.13

R1: 126.01

Pivot: 125.79

S1: 125.58

S2: 125.24

S3: 125.07

Trading recommendation:

We will re-buy EUR near 124.41