Elliott wave analysis of EUR/JPY for September 15, 2020

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The correction in wave ii continues as expected. We are looking for a decline in the support-area between 124.82 - 125.18 from where the next impulsive rally towards at least 129.24 is expected.

In the short-term, we expect minor resistance at 125.90 to be able to cap the upside for the final dip into the expected target-area between 124.82 - 125.18 and then take-off again.

R3: 126.43

R2: 126.12

R1: 125.90

Pivot: 125.64

S1: 125.40

S2: 125.18

S3: 124.82

Trading recommendation:

We are long EUR from 124.41 with our stop placed at 124.35

The material has been provided by InstaForex Company - www.instaforex.com