FX.co ★ Elliott wave analysis of EUR/JPY for April 19, 2022

EUR/JPY has made another near high for the rally from 114.40 which was expected and we continue to look for a bit more upside closer to 139.20 and ideally a little overshot of this target. A break above 139.20 will confirm an expanding leading diagonal has completed and a larger corrective decline should be expected.

However, for now we should stay focused towards the upside, but be fully aware that the best of the rally from 114.40 now is behind us and the impulsive rally now is in its very final stages and a larger corrective decline is looming.