FX.co ★ Elliott wave analysis of EUR/JPY for October 6, 2021

EUR/JPY is likely to break above the short-term key resistance of 130.56. A break above this resistance will confirm that sub-wave iii/ is in motion towards 134.24 on the way towards the ideal target seen at 135.42.

A rally to 135.42 should complete wave 5/ and 3 and call for a new sideways correction in wave 4. The ideal target for this wave 4 correction will be just above 127.93.