The short-term Elliott Wave outlook for EURJPY indicates that the cycle from the 17 October 2025 low remains in progress as a structured five-wave impulse. From that low, wave 1 advanced and concluded at 178.82f. A corrective pullback in wave 2 then followed, which ended at 175.69. The pair then resumed its upward trajectory, with wave 3 reaching 182, as reflected in the 45‑minute chart. At present, wave 4 is unfolding, serving to correct the cycle from the 5 November low, and its internal subdivision is developing in the form of a double three pattern.
Down from wave 3, wave (w) ended at 180.61 and rally in wave (x) ended at 181.2. Pair resumed lower in wave (y) towards 179.76 which completed wave ((w)) in higher degree. Rally in wave ((x)) ended at 181.26 with internal subdivision as a zigzag. Pair has turned lower in wave ((y)) but still need to break below wave ((w)) at 179.76 to confirm this view. Near term, as far as pivot at 182 high stays intact, expect pair to extend lower. Potential target lower is 100% – 161.8% Fibonacci extension of wave ((w)) towards 177.6 – 179.02.
