FX.co ★ Elliott wave analysis of EUR/JPY for November 24, 2022

EUR/JPY looks ready to challenge the downside again. A break below minor support at 144.29 will call for renewed downside pressure towards 142.56 and below here. It confirms the completion of the ending diagonal and a return to the origin of the ending diagonal at 133.36.

That said, we have to recognize that there is an outside chance for a final rally to a new high above 148.40 to complete the ending diagonal. If this scenario unfolds, than the rally to just above 148.40 will be very short-lived and the turn lower will be quick and swift.