FX.co ★ Elliott wave analysis of EUR/JPY for December 8, 2021

EUR/JPY finally looks to have completed the correction in wave 4/ with the test of 127.38. We should soon see a break above minor resistance at 129.60 as confirmation that wave 4/ is complete and wave 5/ is unfolding for a rally towards at least 135.04 and ideally closer to the 139.63 target. This will then complete wave 5/ of 3 and set the stage for a new correction in wave 4.

However, for now, look for a break above minor resistance at 129.60 as the confirmation that wave 5/ is unfolding.