FX.co ★ Elliott wave analysis of EUR/JPY for September 9, 2021

Today we will look at our long-term working count, which has helped us keep out bullish count firmly on track since the bottom of wave (E) at 114.42. Long-term we continue to look for much higher levels above the peak of wave [A] at 169.97.

Short-term we are looking for a temporary set-back to 129.60 before the next impulsive rally higher towards 135.42 that should complete wave 5/ and 3. That said the rally in wave 3 hasn't been as strong as we normally would expect, therefor our second option is, that the rally from the low of wave 2 at 119.31 to 135.42 only is wave 1/ of 3 and not the complete rally in wave 3, but only time will show.