FX.co ★ Elliott wave analysis of EUR/JPY for July 24, 2023

EUR/JPY is now re-testing the peak of wave 1 at 158.05. Ideally, this will cap the upside for a break below minor support at 155.60 for renewed downside pressure towards 153.45 and below. That said, as long as minor support at 155.60 is able to protect the downside, we could see a break above 158.05 for an expanded flat correction. This would mean wave B is extending to 159.85 before wave C takes over for a decline to at least 150.85 and likely lower.