FX.co ★ Elliott wave analysis of EUR/JPY for July 8, 2022

We have been waiting for confirmation that wave 1 indeed has peaked with the test of 144.28. The break below support at 137.83 was confirmed and we should look for a prolonged corrective phase and a decline towards 129.94 and possibly even closer to the 61.8% corrective target at 126.27.

We see resistance near 139.93 which we expect will be able to cap the upside for a continuation lower towards the 129.94 target.