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

EUR/JPY attempted to break just below 124.38 but failed at 124.42. Then it rose as we expected to break above minor resistance at 125.04 confirming that wave C/ and 2/ has completed and wave 3/ higher to at least 129.38 and likely higher to 135.45 now is in motion.

In the short-term, we should expect more upside pressure towards 126.01 before the first more substantial correction sets in, but the main direction now is to the upside, both the short-term and long-term trend and only buying opportunities should be explored.

R3: 126.01

R2: 125.79

R1: 125.53

Pivot: 125.35

S1: 125.20

S2: 125.04

S3: 124.80

Trading recommendation:

We are long EUR from 124.41 and we will raise our stop to 124.35.