FX.co ★ Elliott wave analysis of EUR/JPY for May 12, 2022

EUR/JPY has broken minor support at 136.49 and a decline to test the neckline support at 135.24 is in the cards. Ultimately we expect a break below here too for a continuation towards support at 130.22 and likely even closer to the 50% corrective target at 127.20.

For now look for a dip to test the neckline support at 135.24.