FX.co ★ Elliott wave analysis of EUR/JPY for May 9, 2022

We see a possible S/H/S top building, but we of course need a clear break below the neckline support near 135.10 to activate the top-formation for a decline towards 132.60 and 130.22 as the next downside targets. Short-term a break below minor support at 136.49 will indicate that wave B has completed and wave C lower is in motion for a strong test of the neckline support and ultimately a break through the neckline support.