FX.co ★ Elliott wave analysis of EUR/JPY for August 12, 2021

EUR/JPY is likely to maintain the uptrend from March 2020 for a break above minor resistance at 131.05 that confirms wave 5/ towards the long-term target at 135.42 is in motion. If the uptrend should give away, we should look for a spike to support at 128.29 in wave 4/ and then higher towards the wave 5/ of 3 target at 135.42.

If the fight to break above minor resistance at 131.05 becomes too hard, we should expect some of the major players will turn around and force weak hands to surrender to create the liquidity major players need to lift EUR/JPY.