FX.co ★ Elliott wave analysis of EUR/JPY for November 19, 2021

EUR/JPY is most likely forming an expanded ending diagonal, which means we have one more rise towards our long-term target at 135.42. This will complete wave 3 and set the stage for a corrective decline towards the bottom of sub-wave 4/ near 127.90 before the next impulsive rally higher.

Only an unexpected break below 128.33 will invalidate the ending expanding diagonal.