FX.co ★ Elliott wave analysis of EUR/JPY for September 7, 2020

EUR/JPY has entered a sideways consolidation just as we expected. We will likely see a final spike to just above 126.02 to complete this sideways consolidation and the final leg lower in wave C/ and 2/ close to the ideal target near 124.41. Once the correction in wave 2/ is completed, a new impulsive rally to 129.28 and closer to 135.46 is expected.

R3: 126.32

R2: 126.12

R1: 126.02

Pivot: 125.66

S1: 125.55

S2: 125.25

S3: 124.90

Trading recommendation:

We will buy EUR near 124.41