FX.co ★ Elliott wave analysis of EUR/JPY for May 11, 2022

EUR/JPY has now completed wave B and wave lower through the neckline support near 135.15 should start to accelerate anytime now. A break below minor support at 136.49 will confirm that wave C is in motion and that a firm test of the neckline support at 135.15 should be seen soon.

Longer-term we are looking for a decline to test the target at 130.22 and maybe even closer to the 50% at 127.20.