EURJPY Elliott Wave View: Pullback Ended
Short term Elliott Wave view in EURJPY suggests that the decline to 118.18 on 2/24 ended Primary wave ((4)). Primary wave ((5)) is currently in progress higher and the rally from Primary wave ((4)) low at 118.18 is unfolding as an ending diagonal Elliott wave structure where Intermediate wave (1) ended at 122.88. The subwaves of Intermediate wave (1) takes the form of a zigzag Elliott wave structure where Minor wave A ended at 121.19, Minor wave B ended at 119.97, and Minor wave C of (1) ended at 122.88.
Intermediate wave (2) pullback is unfolding as as a double three structure where Minor wave W ended at 121.59, Minor wave X ended at 122.06 and Minor wave Y of of (2) is proposed complete at 121.16. While pullbacks stay above there, and more importantly above 118.18, expect pair to resume the rally higher, provided that pivot at 118.18 stays intact. If pair breaks below 121.16 here, then it's still within Minor wave Y of (2) and can open extension lower towards 120.45 - 120.75 area before pair turns higher again. We don't like selling the proposed pullback and favor the longside as long as pivot at 118.18 low stays intact.
EURJPY 1-Hour Chart
Elliott Wave Degree
At Elliottwave-Forecast, we offer 24 hour coverage of 52 instruments from Monday - Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Trial to sample everything we have to offer.