FX.co ★ Elliott wave analysis of EUR/JPY for November 28, 2022

Our preferred scenario remains firmly in place. We continue to look for more downside pressure as the ending diagonal completed with the test of 148.30 and we are looking for a return to the origin of the ending diagonal at 132.66.

Short-term, we would like to see a break below minor support at 142.56 as confirmation that the 5-wave rally from 114.42 indeed completed with the test of 148.30 and a corrective decline to 132.66 is unfolding.