FX.co ★ Elliott wave analysis of EUR/JPY for June 1, 2021

We are currently looking for a complex correction in wave 4/ to at least 130.86 and possibly to the 38.2% corrective target at 129.06 from where wave 5/ should take over for the final rally in wave 3. However, now, we should focus on the complex correction in wave 4/ and the decline to 130.86.

A break below minor support of 132.93 will confirm the next dip closer to the target of 130.86.

Trading recommendation:

Wait to buy EUR near 130.86. As we are expecting a complex correction unfolding in wave 4/ it will likely not pay to try to trade the correction itself.