FX.co ★ Elliott wave analysis of EUR/JPY for April 25, 2022

EUR/JPY is currently testing minor support near 138.20 and a break below here will be the first good indication that EUR/JPY has peaked for now and a deeper and more prolonged correction is unfolding towards at least 132.50 and possibly even closer to the support near 127.20.

We have seen a nice five wave rally from the 114.27 low in 2020 to the current peak at 140.04. With a full impulsive cycle complete we should now see a corrective cycle unfolding during the coming months.