FX.co ★ Elliott wave analysis of EUR/JPY for September 18, 2020

EUR/JPY has stalled at 123.28 for a minor correctiv rally close to 124.31 from where we expect the next downside attack towards 123.03 and after another corrective rally towards 123.91 the final decline towards 122.15 should be in stall for us. This final decline to 122.15 should complete the corrective decline in wave 2/ and set the stage for a new impulsive rally that ultimately breaks above the former peak at 127.08.

R3: 124.81

R2: 124.52

R1: 124.31

Pivot: 123.99

S1: 123.77

S2: 123.28

S3: 123.00

Trading recommendation:

We sold EUR at 123.90 and has placed our stop at 125.22 for now.