Yeah, my own preference is to skip the elephants - in general for this situation, but as pointed out it depends on what else is being fielded. You counter his jaguars with archers, he counters your archers with eagle warriors, you counter his eagle warriors with elephants posted by your archers, etc., etc., etc. This can be a near infinitely complicated discussion.
More to the point, specifically against a group of 20 triple blessed jaguar warriors with no applicable magic support on either side: One solid group of 40-50 (cheap!) atavi shortbows positioned behind 20 PD, with a priest for sermon of courage should do it with no losses on your side. Note, haven't actually tested this and with full humility may be very wrong.
