FX.co ★ Elliott wave analysis of EUR/JPY for December 6, 2022

EUR/JPY has now broken nicely below the ending diagonal support line calling for a continuation lower to the origin of the ending diagonal at 132.66. Short-term we expect a re-test of the broken support line near 142.57. The former support line should now act as resistance. Once the temporary setback is complete, renewed downside pressure will push the price towards the 132.66 target.

On the way down to 132.66, support is seen near 138.46 and 134.89.