FX.co ★ Elliott wave analysis of EUR/JPY for August 11, 2020

Wave iv continues to unfold as expected. The first leg lower is completed. We are likely to see a minor bounce to 124.90 - 125.00 before the next push lower to the ideal corrective target at 123.78 to complete wave iv and set the stage for the next impulsive rally higher towards 127.23 on the way towards the ideal target at 129.26.

Resistance is now seen at 124.90 and then at 125.19.

R3: 125.59

R2: 125.19

R1: 124.90

Pivot: 124.59

S1: 124.27

S2: 123.92

S3: 123.78

Trading recommendation:

We will buy EUR at 123.85 or upon a break above 125.43