FX.co ★ Elliott wave analysis of EUR/JPY for November 15, 2022

We feel confident that our count is correct. So, more downside pressure will be seen over the coming weeks as a corrective decline towards 132 which really starts to take over. Short-term we would like to see a break below minor support at 142.56 as confirmation that more downside pressure is added and the 132 target is set to be reached.

Only an unexpected break above minor resistance at 147.11 will prolong the current temporary rally towards 148.30, but the real pressure is to the downside at this point.