FX.co ★ Elliott wave analysis of EUR/JPY for September 22, 2022

EUR/JPY has broken below minor support at 142.30 to confirm renewed downside pressure towards the 131.69 target. In the short term, we could see EUR/JPY retest and even slightly break back above the former support at 142.30 but it should be a short-lived break as the pressure is to the downside for a continuation lower in wave C/ of 2/ towards 131.69 to complete the correction in wave 2/ and set the stage for a new impulsive rally. Remember that's only when the ongoing correction is complete near 131.69.