FX.co ★ Elliott wave analysis of EUR/JPY for May 3, 2021

EUR/JPY hit the expected target at 132.16 (the high has been seen at 132.37) without problems. We will now be looking for a minor correction to 130.66 and maybe even closer to 128.37 before the next impulsive rally higher to 135.50 as the next upside target.

Longer term much higher levels should be expected, but for now a minor correction is in the cards towards 130.66 and possibly even closer to 128.37 before the next real push higher.

Trading recommendation:

Look for an opportunity to re-buy EUR near 130.66 and maybe even closer at 128.37 for the next serious rally higher to 135.50