FX.co ★ Elliott wave analysis of EUR/JPY for September 12, 2022

EUR/JPY moved higher to test the former high at 144.25 in a possible flat market. If we see a break below minor support at 142.61, then it will confirm a regular flat. Wave B/ has been completed and wave C/ lower to 132.66 is in progress. However, as long as support at 142.61 is able to act as a floor, this could turn into an expanded flat market, which means wave B/ will move closer to 148.32 before wave C/ is ready to take over.

For now, we will just have to wait and see whether support at 142.61 is able to protect the downside or not.