FX.co ★ Elliott wave analysis of EUR/JPY for September 22, 2021

EUR/JPY made it almost back to the start of wave i at 127.92. We have seen the low of wave ii at 127.95. Wave ii is allowed to correct to 99.99% of wave ii, but not more and therefore should stay above 127.92 or else, we will need to make a revision of our preferred count.

As long as short-term key-support at 127.92 is able to act as a floor, we will be looking for a break above minor resistance at 128.70 and more importantly a break above resistance at 129.55 as confirmation that wave ii has been completed and wave iii is unfolding towards 134.24 and135.42 .