FX.co ★ Elliott wave analysis of EUR/JPY for May 31 , 2023

It has been a while since we last looked at EUR/JPY. Not that much has changed, other than EUR/JPY moved higher in wave X than we expected. We continue to look for wave Y lower to the ideal target near 135.00.

Short-term we would like to see EUR/JPY break below minor support at 148.84 and more importantly below support at 146.13 to confirm that wave X has been completed and wave Y is in motion for the expected decline towards 135.00.