Elliott wave analysis of EUR/JPY for September 2, 2021

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EUR/JPY is now a few pips away from breaking above the right shoulder of the S/H/S top. We have seen it developing over 6 months, and a break above resistance at 130.56 will make the top pattern a failed pattern. Instead, it will tilt the target from a decline to 122.47 to a rally towards 135.42.

Failed patterns often result in a strong opposite reaction to the expected direction. So we shouldn't be surprised if a rally above resistance at 130.56 accelerates the rally towards the failed pattern target at 135.42. A rally to 135.42 will finally complete wave v/ and 3 of the rally from March 2020.

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

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