Automatic wave scan: as of 5 Nov 2026, the automatic daily count for EUR/JPY is Wave 5 up with a bullish bias. The count stays valid while price holds 175.07.
Current EUR/JPY wave count
Automatic wave scan Updated daily from the latest daily close (5 Nov 2026). Computer generated from swing highs and lows, not reviewed by an analyst.
Automatic scan: price is in wave 5, the final leg of a five wave advance that began at 179.37 on 2 Aug 2026. Next levels to watch are 178.95 and 180.94. The count fails on a daily close below 175.07.
Key levels
| Type | Levels |
|---|---|
| Resistance | 181.48 · 186.01 |
| Support | 175.07 · 177.85 |
| Invalidation | 175.07 |
What is EUR/JPY?
EUR/JPY combines the second and third largest reserve currencies after the dollar. It often rises when global markets are calm and falls when fear returns.
Since the Bank of Japan kept rates near zero for many years while the ECB raised rates in 2022 and 2023, the pair climbed to its highest levels since 2008. Any narrowing of that rate gap can reverse the trend.
What moves the EUR/JPY price?
- ECB and BOJ policy gap: A wider gap supports the pair.
- Risk sentiment: Stock market sell-offs often bring yen strength.
- Euro area data: German and euro area business surveys move the euro side.
- Japanese intervention: Yen buying by Japan affects all yen crosses.
How EUR/JPY moves in Elliott Wave terms
EUR/JPY tends to trend smoothly when risk appetite is steady, with corrections that often form flats. Its waves frequently line up with turns in global stock indices such as the Nikkei and DAX.
Watch for wave 4 triangles in long uptrends. A break of a triangle usually leads to a short, final fifth wave.
Tips for counting EUR/JPY waves
Compare the chart with the Nikkei 225 and the DAX. Strong equities usually mean EUR/JPY strength.
EUR/JPY key facts
EUR/JPY Elliott Wave FAQ
What drives EUR/JPY?
The gap between ECB and Bank of Japan interest rates and the global risk mood.
Is EUR/JPY a risk pair?
Yes. It tends to rise when markets are confident and fall in times of stress, when the yen strengthens.
How volatile is EUR/JPY?
It is usually more volatile than EUR/USD but calmer than GBP/JPY.
Sources and further reading
- BIS Triennial Central Bank Survey of foreign exchange turnover (Bank for International Settlements)
- Monetary policy decisions (European Central Bank)
- Monetary policy (Bank of Japan)
Educational content only. Nothing on this page is financial advice or a recommendation to buy or sell. Trading involves risk and you can lose money. Elliott Wave counts are probabilities, not certainties. Read our full disclaimer and affiliate disclosure.
