FX.co ★ Elliott wave analysis of EUR/JPY on November 4, 2022

We have been looking for EUR/JPY to take off in a strong rally, but the most recent price action doesn't really support that scenario and rather looks like an ending diagonal just completed its wave v/ of 5 at 148.40. A corrective decline is ready to take over the weeks to come. A break below minor support at 143.75 will confirm that the ending diagonal has been completed and a corrective decline to the starting point of the ending diagonal at 133.25 is unfolding.