FX.co ★ Elliott wave analysis of EUR/JPY for June 17, 2022

EUR/JPY should see the final push to a new high just above 144.26 to complete the impulsive rally that began in May 2020. From a larger perspective, the five wave rally is only the first impulsive rise of five. So we have much more upside to cover. However, the best part of the first impulsive rally is now behind us and we need to step aside or be ready to sell EUR as a deeper correction should be in front of us once the new high above 144.26 is in place.

Only a direct break back below support at 137.83 will confirm that we already have seen the peak and the expected correction in larger wave 2 is already in motion.