Elliott wave analysis of EUR/JPY for September 8, 2021

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EUR/JPY is currently seen in a corrective sub-wave ii towards 129.62 before the next impulsive rally in wave iii should be expected towards 134.12 and eventually closer to the 135.42 to target to complete wave 5/ of 3.

The break above resistance at 130.56 left us with a failed S/H/S top indicating buying-pressure and not a possible selling-pressure as the S/H/S formation implies. Failed patterns often result in strong opposite movements, which indicates a strong rally likely should be expected once the short-term correction is complete in wave ii.

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

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