FX.co ★ Elliott wave analysis of EUR/JPY for December 22, 2021

EUR/JPY is clearly in its final stages of the correction near wave 4/. All we need is a break above minor resistance at 129.64 to confirm that wave 4/ is completed and wave 5/ of 3 is in motion towards at least 135.04 and possibly even closer to the 139.70 target. This will complete wave 3 and set the stage for another wave 4 correction,. However, first we need to stay alert to signs that wave 4/ is completed and wave 5/ is in motion. The best thing that can happen is a break above minor resistance at 129.64 to confirm that wave 5/ is in motion.