Today we will talk about the EUR/JPY currency pair, its price action from a technical point of view, and wave structure from the Elliott Wave perspective.

EUR/JPY is clearly bullish and since January it can be unfolding a five-wave bullish cycle which seems to be unfinished, so it can send the price even higher for wave 5), but probably after a three-wave A-B-C corrective slow down in wave 4) that can ideally find the support around 38,2% Fibonacci retracement, base channel support line and 129 – 128 zone.