FX.co ★ Elliott wave analysis of EUR/JPY for May 11, 2021

EUR/JPY continues to rally higher as expected with the next upside target is seen at 133.66 as the next ideal upside target. This rally should complete wave 3/ and set the stage for a correction in wave 4/ towards at least 130.86. The pair may approach the 38.2% corrective target at 129.06 before reversing again to above the wave 3/ peak at 133.66 in wave 5/ of 3.

In the short term, we see support at 131.87 with key support at 131.02.

Trading recommendation:

Take profit near 133.66 or upon a break below minor support ay 131.87.