FX.co ★ Elliott wave analysis of EUR/JPY for September 9, 2019

EUR/JPY is correcting as expected. We are looking for a correction towards minor support at 117.24 and maybe closer to the 61.8% corrective target at 116.91 before the next impulsive rally is be expected. Only a direct break above minor resistance at 118.27 will call for a second rally to 118.61 before renewed downside pressured towards 117.24 should be expected in a more complex correction.

Once this correction is done, a new impulsive rally higher to 123.13 is still expected.

R3: 119.00

R2: 118.61

R1: 118.27

Pivot: 117.95

S1: 117.63

S2: 117.24

S3: 116.91

Trading recommendation:

We remain 50% long EUR from 116.80 and will re-buy 50% at 117.40.