FX.co ★ Elliott wave analysis of EUR/JPY for December 1, 2021

EUR/JPY tested the 38.2% corrective target at 127.50 but failed. We now need to see a break above minor resistance at 129.60 to confirm that wave 4 has completed and wave 5 is developing for a rally towards at least 135.04 and ideally closer to the 139.60 to complete wave 5.

As long as minor resistance at 129.60 is able to protect the upside a second test of the 127.50 support cannot be excluded.