FX.co ★ Elliott wave analysis of EUR/JPY for March 20, 2023

EUR/JPY finally broke below the flag support line and should continue lower towards our long-term target near 133.55, with the first hurdle seen near the former low at 137.47. Short-term we expect minor resistance at 142.42 to be able to cap the upside for the expected decline towards 137.47 and ultimately closer to the 133.55 target.

Only an unexpected rally above resistance at 144.96 will confirm the corrective decline from 148.40 has been completed and an impulsive rally towards 169.50 is in motion.