FX.co ★ Elliott wave analysis of EUR/JPY for January 17, 2022

The corrective consolidation is now complete and the underlying impulsive rally to 135.43 is taking place. In the short term, we should see a break above 131.58 that confirms the underlying impulsive uptrend is back on track for the first target level of 135.43 and maybe even to our second target level of 139.70.

However, keep your focus on the upside and a break above minor resistance at 131.78 for a rise to 135.43.