FX.co ★ Elliott wave analysis of EUR/JPY for October 14, 2022

The yen remains under pressure and the correction that began back in early June at 144.88 came to an end after testing137.37 in a running expanded flat correction. The next strong rally higher is now ready to develop. We will be looking for a clear break above 144.88 and 145.64 soon for a rally towards 149.79 as the next upside target. In the long term, even more upside towards 164.50 should be expected.

In the short term, only a break below support at 140.90 will revive the corrective consolidation from 144.88 and add renewed downside pressure to 133.44.