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18.10.202207:29 Forex Analysis & Reviews: Elliott wave analysis of EUR/JPY for October 18, 2022

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EUR/JPY has broken nicely above minor resistance at 144.08 and is heading towards the next upside target at 150.71 and possibly even towards resistance at 155.00. in the longer term, we should see this impulsive rally break above the peak of wave [A] at 169.96 towards the long-term target at 195.43.

Support is now seen at 144.14 that ideally will be able to protect the downside for the expected rally higher, but only an unexpected break below support at 140.90 will cause us to review our bullish bias.

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