FX.co ★ Elliott wave analysis of EUR/JPY for March 2, 2023

EUR/JPY broke above resistance at 144.16 which has shifted our count for the corrective decline since the 148.40 peak. The decline from 148.40 to 137.39 clearly consists of three waves, therefore we consider that decline to be wave A of a flat correction and wave B moving back to test the former high at 148.40. If the flat correction turns out to be an expanded flat correction, wave B will top out the peak of wave 5 and move higher to 152.61 before peaking and turning lower than wave C.

However, for now, we will be looking for a move higher to test 148.40. Then, let's see if there is momentum enough to bring EUR/JPY higher towards 152.61 in an expanded flat correction.