FX.co ★ Elliott wave analysis of EUR/JPY for November 29, 2021

EUR/JPY broke below support at 128.44 which told us that every thing we have seen since the June high at 134.12 is part of a major flat correction. This correction should find its low in the 124.25 - 124.50 area for the final impulsive rally towards at least 135.04 and ideally closer to resistance at 139.70.

Short-term a break above minor resistance at 129.60 will indicate that the wave 4/ correction has completed and wave 5/ higher towards at least 135.04 is in motion.