In this technical blog we’re going to take a quick look at the Elliott Wave charts of EURJPY, published in members area of the website. As our members know, recently we were calling the decline in EUJPY due to incomplete bearish sequences the pair has in the cycle from the 01/16 peak. We expected the pair to resume trading lower and eventually to retest 09.03.2019 low. Consequently, we advised members to avoid buying the pair and keep on favoring the short side in short term. In further text we’re going to explain Elliott Wave Forecast.
EURJPY 1 Hour Elliott Wave Analysis 03.02.2020
Break of the 02/18 low made the cycle from the January 16th peak incomplete, calling for further decline in the pair. The pair is bearish against the 121.3996 pivot. We got 5 swings down from the mentioned peak which is also good sings for the bears. Currently the pair is correcting cycle from the mentioned peak, when bounce is unfolding as Elliott Wave Zig Zag. We still can get another minor swing up to complete 5 waves in (c) leg. Anyway, as far as the price holds below 121.3996 high more weakness is expected in the pair once bounce completes. As invalidation level is not so far away, trading can be risky . We don’t recommend buying the pair and favor the short side.
You can learn more about Elliott Wave Zig Zag Patterns at our Free Elliott Wave Educational Web Page.
EURJPY 1 Hour Elliott Wave Analysis 03.02.2020
We got minor swing up as expected and pair completed wave ((b)) recovery as Elliott Wave Zig Zag. We got nice separation from the last short term high, however need to see break below 02/28 low – ((a)) black, to confirm next leg down is in progress.
EURJPY 1 Hour Elliott Wave Analysis 03.09.2020
Eventually the pair has broken 02/28 low. Decline from the last high can be unfolding as impulsive structure, when now ending short term wave (iv) blue recovery.
Keep in mind market is dynamic and presented view could have changed in the mean time. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
Elliott Wave Forecast