Elliott wave analysis of EUR/JPY for September 8, 2020

We continue to look for a break below minor support at 125.26 to confirm that the sideways consolidation is completed and the final leg lower towards 124.41 is unfolding. The ongoing decline from 127.08 is the C/ wave of a wave 2/ correction and once this correction is complete near 124.41 a new impulsive rally should be expected towards at least 129.24 and likely even closer to 135.46 as wave 3/ is expected to extend.

Resistance is currently seen at 125.70 and then at 126.03

R3: 126.14

R2: 126.03

R1: 125.70

Pivot: 125.26

S1: 125.08

S2: 124.84

S3: 124.41

Trading recommendation:

We are looking for a buying opportunity near 124.41