FX.co ★ Elliott wave analysis of EUR/JPY for July 1, 2022

The odds are that EUR/JPY has peaked at 144.28. The break below support at 141.40 was a strong indication that the rally from 103 has topped out and a more prolonged correction now is in progress for a decline towards 129.94 and maybe even closer to the 61.8% corrective target at 126.27. For now, we will focus on a break below support at 140.30 and then a decline to 129.94. Then, let's see when we get there.