Elliott wave analysis of EUR/JPY for October 29, 2021


EUR/JPY has rallied past minor resistance at 132.67 confirming that the test of 131.61 completed the correction in wave iv/ and wave v/ of iii now is in motion towards 135.42. That will complete the larger wave 3 and set the stage for a new larger and more time-consuming correction in wave 4.

As JPY-crosses often see triangles in the fourth wave, that is the formation we will be looking for as the final correction before the final impulsive rally towards 149.38.

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

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