FX.co ★ 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.