Elliott Wave Theory Suggests EURJPY Remains Bullish
Short term Elliott Wave view in EURJPY suggests that rally to 165.35 ended wave 3. Wave 4 pullback unfolded as a double three Elliott Wave structure. Down from wave 3, wave ((w)) ended at 162.59 and wave ((x)) ended at 165.17. Down from there, wave (w) ended at 163.85 and wave (x) ended at 164.69. Wave (y) lower ended at 162.26 which completed wave ((y)) of 4 in higher degree. Pair has turned higher in wave 5.
Up from wave 4, wave (i) ended at 163.15 and wave (ii) dips ended at 162.62. Wave (iii) higher ended at 164.12, wave (iv) ended at 163.79, and wave (v) ended at 164.43 which complete wave ((i)). Pair then pullback in wave ((ii)) towards 163.6. Pair has resumed higher again afterwards in wave ((iii)). Up from wave ((ii)), wave i ended at 164.25 and wave ii ended at 163.66. Wave iii ended at 164.67 and wave iv ended at 163.69. Expect wave v to end soon which should complete wave (i). Pair should then pullback in wave (ii) to correct cycle from 4.15.2024 low before it resumes higher. Near term, as far as pivot at 162.26 low stays intact, expect pair to find buyers in any dip in 3, 7, 11 swing for further upside.
EURJPY 45 Minutes Elliott Wave Chart
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.