FX.co ★ Elliott wave analysis of EUR/JPY for March 27, 2023

Looking at the decline from 145.56 towards the ideal target at 133.43 is like looking at an avalanche moving in slow-motion. EUR/JPY is moving lower two steps and giving one up again, and the two lower again and giving one up again. We do expect that the build-up energy suddenly will trigger a quick decline and breakthrough of support at 137.47 for a quick dip to the 133.43 target.

Short term we see resistance near 142.31 and then at 143.63. The latter should be able to cap the upside for the expected decline through 137.47 and below.