FX.co ★ Elliott wave analysis of EUR/JPY for September 25, 2023

It has been a while since we last looked at EUR/JPY. Since then, nothing much has happened as EUR/JPY has been consolidating. However, this consolidation should soon come to an end as EUR/JPY breaks below support at 156.59 for a continuation lower towards 141.35.

EUR/JPY stays below minor resistance at 158.65 for the expected break below support at 156.59. An unexpected break above resistance at 158.65 will delay the expected decline and call for a move close to 160.00 before the instrument comes under downside pressure again.