FX.co ★ Elliott wave analysis of EUR/JPY for June 27, 2022

We are still looking for the final spike higher to 145.46 to complete the rally from May 2020 and set the stage for a prolonged corrective decline towards 129.24 and possibly even closer to the 61.8% corrective target at 126.27.

Only a direct break below support at 139.40 will indicate that we already have seen the peak of wave 1 and the correction in wave 2 towards 129.24 already is in motion.