FX.co ★ Elliott wave analysis of EUR/JPY on June 22, 2022

EUR/JPY is re-testing the former high at 144.25 just as we expected. We also expect this high to be broken slightly for a run towards 145.46 before the five wave rally from May 2020 finally comes to and end and a lager corrective phase can begin towards 129.94 and possibly even closer to 126.26.

For now we continue to focus on the final high here, but be aware that the best of the rally from May 2020 clearly is behind us and a new phase dominated by downside pressure is about to take over.