FX.co ★ Elliott wave analysis of EUR/JPY for March 28, 2022

EUR/JPY continues to rally. It is headed towards our long-term target at 139.21. Due to the more bullish count, we had to switch to after price broke into the price territory of wave 1 at 124.39 on March 7 we can only be in wave 3/ of 3 higher. This is normally the strongest of the impulsive waves. So, we do expect the ongoing rally to continue all the way to the extension target at 148.37.

Support is now seen in the 133.20 -134.10 area.