FX.co ★ Elliott wave analysis of EUR/JPY for August 11, 2022

The correction in wave 2/ is still ongoing and the price should ideally spike down to the 50% corrective target at 131.69 before the next impulsive rally higher towards 149.13. The long-term picture shows a huge [B]-wave triangle, that has been unfolding since 2008 and was completed with a breakout in February 2021. This calls for wave [C] that ultimately should break above the peak of wave [A] at 169.97.