FX.co ★ Elliott wave analysis of EUR/JPY for September 24, 2020

The short-term triangle consolidation continues as the penultimate wave before the final dip towards our ideal target at 122.15 to complete wave 2/ and set the stage for a new impulsive rally in wave 3/ to above the former peak at 127.07.

The short-term triangle is now so far advanced that a break-down is imminent. A break below minor support at 122.55 confirms that the triangle is completed and the final dip to 122.15 is in motion.

R3: 123.43

R2: 123.19

R1: 122.95

Pivot: 122.70

S1: 122.55

S2: 122.30

S3: 122.15

Trading recommendation:

We are short EUR from 123.90 and we will take profit+revers our short-position to a long EUR position at 122.25 or upon a break above 123.25