FX.co ★ Elliott wave analysis of EUR/JPY for September 9, 2020

EUR/JPY has reached the target at 124.41 (the low has been seen at 124.38). As long as minor resistance at 125.04 is able to cap the upside, we could see a final spike lower to just below 124.38 before wave C/ and wave 2/ finally has completed and a new impulsive rally in wave 3/ takes off towards at least 129.24 and ideally extends closer to 135.46.

A direct break above minor resistance at 125.04 will confirm that wave C/ and 2/ already has completed and wave 3/ is unfolding.

R3: 125.26

R2: 125.04

R1: 124.81

Pivot: 124.66

S1: 124.56

S2: 124.38

S3: 124.25

Trading recommendation:

We bought EUR at 124.41 and we have placed our stop at 123.41