FX.co ★ Elliott wave analysis of EUR/JPY for November 21, 2022

EUR/JPY completed an ending diagonal with the test of 148.40 and we should see a decline back to the origin of the ending diagonal at 133.26 in the weeks ahead. The ending diagonal also completed the first impulsive rally from 114.42. So, the price should be correcting the entire rally from 114.42 to 148.48 in the weeks/months ahead and that could call for an even deeper corrective decline than the expected to 133.26. However, as always let's take the expected corrective decline in baby steps and look for a break below support at 142.56 as the "GO" for the next part of the decline to 133.26.