FX.co ★ Elliott wave analysis of EUR/JPY for June 13, 2022

EUR/JPY is currently testing the resistance line from the 124.43 high. We think that one more high above 144.25 should complete the rally from 114.40 and set the stage for a larger corrective decline. It also means we are in the later stage of the entire first impulsive rally from 114.40.

A rally into the resistance area between 145.46 - 148.48 should be enough to complete the impulsive rally and set the stage for a corrective decline in wave 2 towards 134.00 and ideally closer to 130.00.