FX.co ★ Elliott wave analysis of EUR/JPY for March 22, 2022

EUR/JPY has rallied nicely since the 124.39 low and is now facing strong resistance near 133.00 but ultimately we expect this resistance to be broken for a continuation higher towards the 139.21 target and ideally higher towards the extension target at 148.37.

The break below support at 124.43 which was the peak of wave 1 forced us to change our count, but to an even more long-term bullish count calling for much higher levels down the road.