FX.co ★ Elliott wave analysis of EUR/JPY for February 7, 2022

EUR/JPY has rallied past the former peak at 131.58. It is likely to rise higher to our long-term target near 135.04 and maybe even closer to the extension target at 139.39. The next target level to overcome is seen at 133.41 and the 135.04 target.

Support is now seen near 130.69 which ideally will be able to protect the downside for the rally to 133.41 and then 135.04.