Elliott wave analysis of EUR/JPY for September 3, 2020

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EUR/JPY declined as expected. The break below minor support at 126.43 confirmed that wave B/ was completed and wave C/ was unfolding. The ideal target for the ongoing wave C/ of 2/ is seen near 124.41 or more likely just below.

In the short-term, more downside pressure remains expected with minor resistance seen in the 125.95 - 126.10 area, which likely will act as a cap as wave C/ is falling to 124.41.

R3: 126.10

R2: 125.95

R1: 125.60

Pivot: 125.52

S1: 125.36

S2: 125.08

S3: 124.82

Trading recommendation:

We will buy EUR again near 124.50

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