Elliott Wave Analysis of EUR/JPY - Wave 5 in motion for a rally towards 182.95
It' has been a while since I last reviewed EUR/JPY. On April 18 this year EUR/JPY was testing resistance at 164.17, which at that time I thought was the top of wave 3. However, it quickly turned out that it wasn't the top of wave 3, but rather the top of wave iii of 3 and more upside should be expected towards the next resistance near 175.66 which marked the 261.8% extension target of wave 1.
Wave 3 peaked at 171.79 but the the B-wave of the following wave 4 tested the expected 175.66 target before a deep wave C dipped to test the low of wave iv of 4 and the 38.2% corrective target of wave 3 at 153.56.
Wave 5 is now in motion and should see a rally towards resistance at 182.95 before completing the rally out of 2020 low at 114.20.
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