FX.co ★ Elliott wave analysis of EUR/JPY for September 27, 2021

EUR/JPY held short-term key support at 127.93. It is again heading to the short-term resistance at 130.59. Ultimately, if this resistance is broken, the pair may reach 134.24 and the target level for wave 3 at 135.41.

Only an unexpected break below 127.93 will indicate wave 4/ remains in play and move closer to support at 127.12 should be expected before the next push higher. Only after a break above resistance of 130.59, the likelihood of a downward scenario will be low.