Elliott wave analysis of EUR/JPY for September 25, 2020

EUR/JPY remains locked within the triangle consolidation, but we remain focused on the downside for a final dip closer to our ideal target at 122.15 to complete wave 2/ and set the stage for a new impulsive rally to above the former peak at 127.07.

The longer the pair stays in the sideways consolidation, the greater the risk of a break to the upside and thorugh minor resistance at 123.43 indicating a completion of wave 2/ already and the onset of wave 3/ higher.

R3: 123.43

R2: 123.19

R1: 122.95

Pivot: 122.70

S1: 122.55

S2: 122.30

S3: 122.15

Trading recommendation:

We are short EUR from 123.90 and we will take profit+revers our short-position to a long EUR-Position at 122.25 or upon a break above 123.25

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