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

EUR/JPY needed that final spike lower to test the 38.2% corrective target at 131.51 and with that test done, EUR/JPY should be ready for the next impulsive rally higher through minor resistance at 132.44 and more importantly a break above resistance at 132.92 for a rally towards the long-term target at 160.43 and maybe even higher.

So for now look for a break above minor resistance at 132.44 for the "GO" towards 160.43