Currency Pairs USD/JPY and EUR/JPY Elliott Wave cycles Point Resistance

As such, there is still a chance for a reversal, ideally, after the current fifth wave that is moving into 114.50-114.80 resistance area.

As per Elliott Wave analysis, USDJPY has completed the 5th wave as an ending diagonal (wedge) pattern and that weakness will resume towards much lower prices as a drop from 115.52 unfolded as an impulse. Ideally, that was wave A)/1), so more weakness is coming after an A-B-C rally within wave B)/2), which can be now approaching important resistance here around 61,8%-78,6% Fibonacci retracement and 114.50 level, from where we should be aware of another decline for wave C)/3).

USD/JPY 4h Elliott Wave Analysis

EURJPY is still in sideways consolidation in the 4-hour chart, which still looks like wave 4 correction, but we see 130.00 psychological level as key resistance, from where we have to be aware of another sell-off for wave 5, especially if we consider bearish looking EURUSD and resistance on USDJPY.

EUR/JPY 4h Elliott Wave Analysis