EUR/JPY has gained some ground in the last couple of weeks, but that doesn't change the larger picture, that a corrective decline is unfolding. We have seen wave A/ as a three-wave decline from 144.25 to 133.40. The question now is whether an X-wave is building before a second three-wave decline takes over. If this is the case, then we should see EUR/JPY peak near 142.33 for a new decline towards at least 131.69.
The second option is that we see a break above resistance at 142.33 for a full return to test the peak at 144.25 in a flat correction in wave B/, before the final decline in wave C/ takes over for a decline to 132.66 and possibly 131.69.
So, no matter which structure wave B/ ends up in, having the end gold will not change and that is more downside is needed to complete wave 2/.
Relevance up to 07:00 2022-09-05 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
