FX.co ★ Elliott wave analysis of EUR/JPY for August 2, 2022

The expected correction in wave 2/ is unfolding as foreseen and we are closing in on our target near the 131.69 - 132.66 area from where a new impulsive rally is likely to follow towards 149.75 as the next upside target. In the short term, we see minor resistance near 135.16 which ideally will cap the upside for the dip towards the 131.69 - 132.66 target area before the pair revives energy to rally impulsively higher towards 144.25 and 149.75.