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

EUR/JPY is closing in on its possible upside target near 157.43. If a top is seen there, we most likely have seen a full five-wave cycle from the 114.42 low and should expect a larger corrective cycle unfolding. The ideal corrective target, if a peak is seen near 157.43, is expected at 135.96.

So, look for signs that a possible top is building up near 157.43 and be ready for a deep correction towards 135.96 in the months to come.