FX.co ★ Elliott wave analysis of EUR/JPY for July 28, 2023

EUR/JPY has followed the expected path and should continue to push lower as a larger correction of the entire rally from 114.42 to 158.00 now is being corrected. This correction is expected to take EUR/JPY into the 136.20 - 137.20 target area from where a new impulsive rally should be expected.

However, for now, the focus should remain towards the downside as a larger corrective decline is unfolding.