FX.co ★ Elliott wave analysis of EUR/JPY for September 14, 2020

EUR/JPY is still in a wave ii correction. The ideal target for this correction is seen between support in the 124.82 - 125.18 area from where a new impulsive rally is expected towards the former peak at 127.08 and ultimately a break above here for a continuation towards 129.24 and possibly even higher.

Short-term resistance is seen at 125.88 and then at 126.12.

R3: 126.25

R2: 126.12

R1: 125.88

Pivot: 125.77

S1: 125.48

S2: 125.21

S3: 124.82

Trading recommendation:

We are long EUR from 124.41 and our stop is placed at 124.35