FX.co ★ Elliott wave analysis of EUR/JPY for April 20, 2022

EUR/JPY has spiked the minimum target of 139.20 which means that the impulsive rally from 113.99 now could be complete and it's time for a more time consuming corrective decline to minimum 137.50 and likely even closer to the 124.06 - 125.00 area before the next impulsive rally should be expected.

Short-term a break below 138.60 will indicate that the impulsive rally from 113.99 has completed and the expected correction is in motion. A break below support at 137.04 will confirm that the correction is unfolding.