Elliott wave analysis of EUR/JPY for September 29, 2020

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EUR/JPY failed to reach our ideal target at 122.15, but stopped at 122.34 and turned higher through short-term key resistance at 122.90 indicating that wave 2/ already had completed and wave 3/ higher now is in motion.

Short-term, we expect the former resistance-area between 123.38 - 123.43 to cap the upside for a minor correction back to 122.69 and then higher again as the new uptrend gains momentum.

R3: 123.94

R2: 123.64

R1: 123.43

Pivot: 123.07

S1: 122.93

S2: 122.69

S3: 122.34

Trading recommendation:

We took profit on our short-position from 123.90 at 122.95 and at the same time revers our short-position to a new long EUR-position. We have placed our stop at 122.30

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