FX.co ★ Elliott wave analysis of EUR/JPY for October 11 , 2023

EUR/JPY tried to break below support at 156.58 but failed on the first attempt. Still, we should expect a new attempt anytime now and the next attempt is likely to be successful and signal that the next real decline towards long-term support 141.35 is unfolding.

Resistance is seen in the 157.89 - 158.65 area which is expected to cap the upside for the next serious test of support at 156.58.