EURJPY At Resistance - Elliott wave Analysis

Hi traders,

EURJPY made a five-wave drop from the highs, which we labelled as wave 1 as part of a new bearish cycle so more weakness will occur, but only after a pullback into wave 2 fully shows up. This pullback can unfold a simple A)-B)-C) correction, which can look for resistance and a bearish reversal near the 129.23/130.27 area. That said, a drop in minor five-waves will later indicate more weakness.