Elliott wave analysis of EUR/JPY for October 25, 2021

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EUR/JPY is in a small corrective wave, which may lead to a test of 131.51 before moving higher towards the long-term target of 135.42. The ongoing correction in sub-wave iv/ has already reached its minimum target. so, it could be completed any time now. It is likely to continue the underlying uptrend to 135.42 to complete wave 3 and set the stage for a correction in wave iv.

As the JPY-crosses often sees triangle as their fourth wave, that is the kind of consolidation we will be looking for.

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

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