Elliott wave analysis of EUR/JPY for October 18, 2021

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EUR/JPY is heading for the 135.42 level. In the short term, we expect a small setback towards 131.70 before taking the next step higher towards 134.17 and 135.42 to complete wave v/ of 5/ and 3.

Once this rally is completed near 135.42, we should see another correction in wave 4. As JYP-crosses often form triangles in their fourth waves, we will be looking for a triangle consolidation before the final impulsive rally to new highs above wave 3.

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

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