FX.co ★ Elliott wave analysis of EUR/JPY for January 21, 2022

EUR/JPY remains in a correction from the 131.43 peak. The correction has been larger than we first expected, but the failure to break higher, when the time was right disappointed and has forced EUR/JPY lower to face the support-line near 128.10 with the ultimate support seen at 127.52, this support simply can't be broken or we will have to review the entire rally from 114.40.

Short-term we need a break above minor resistance at 130.09 to indicate a possible completion of the ongoing correction.