FX.co ★ Elliott wave analysis of EUR/JPY for November 17, 2023

EUR/JPY has continued to make headway but is starting to lose upside momentum. So, we would not be surprised to see a temporary setback towards the step support line near 153.24 before the next push higher towards the long-term target at 195.43.

In the short term, we see resistance at 163.64 holding for the expected correction towards 153.24 before the next push higher towards the 2008 high at 169.97 and then 179.18 on the way towards the long-term target at 195.43.