Elliott wave analysis of EUR/JPY for October 12, 2021


EUR/JPY has finally broken clearly above short-term resistance of 130.56 confirming that wave 5/ of 3 is unfolding towards the long-term target at 135.42. As this is the final impulsive wave in wave 3 we should be aware that once the peak of sub-wave 3/ at 134.11 is cleared, then all requirements will be fulfilled and sub-wave 5/ and 3 could find its termination at any point above 134.11. However, the most likely termination point will be close to the 135.42 target.

Once wave 3 has peaked a new corrective decline will follow towards the low of sub-wave 4/ at 127.92.

The material has been provided by InstaForex Company - www.instaforex.com

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