In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of EURJPY. In which, the rally from 28 July 2023 low unfolded as an impulse sequence and showed a higher high sequence. Therefore, we knew that the structure in EURJPY is incomplete to the upside & should extend higher. So, we advised members not to sell the pair & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
EURJPY 4-Hour Elliott Wave Chart From 9.30.2023
Here’s the 4hr Elliott wave Chart from the 9/30/2023 update. In which, the rally to 159.76 high ended wave 1 & made a pullback in wave 2. The internals of that pullback unfolded as Elliott wave double three correction where wave ((w)) ended in 3 swings at 156.62 low. Then a bounce to 158.47 high ended wave ((x)) & started the next leg lower in wave ((y)) towards 155.33- 153.38 blue box area. From there, buyers were expected to appear looking for new highs ideally or for a 3 wave bounce minimum.
EURJPY Latest 4-Hour Elliott Wave Chart
This is the latest 4hr Elliott wave Chart from the 10/09/2023 update. In which the pair is showing a strong reaction higher taking place, right after ending the double correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above 159.76 high is still needed to confirm the next extension higher & avoid further correction lower.
Source: https://elliottwave-forecast.com/forex/eurjpy-reacted-strong-blue-box-area/