Short term Elliott Wave view in EURJPY is telling us that pair completed an impulse from March 2022 low. Market peak at 144.289 and we labeled as wave ((1)). We believe that market has started a correction of the whole cycle. The currency is developing the first leg lower of a big correction.
The drop from 144.289 peak looks like an impulse structure. Internal subdivision of wave (A) is unfolding as a 5 waves. Down from wave ((1)), wave ((i)) ended at 142.45 and wave ((ii)) rally ended at 1143.85. EURJPY then resumes lower in wave ((iii)) towards 141.34 and wave ((iv)) bounce ended at 142.43. Last push lower to complete wave ((v)) of 1 completed at 139.67. Then wave 2 did a zig zag correction ended at 143.39. Then it turned lower to 137.23 to complete wave 3 and pullback in wave 4 ended at 139.07. Now we are calling one more low below 137.23 to complete wave 5 of (A) and see a bounce in the pair. We expect this bounce be corrective in 3, 7 or 11 swing to build wave (B) before turning lower again.