Mizuki32
Long

EURJPY: Corrective Pullback

FX:EURJPY   Euro / Japanese Yen
159 0 7
Good opportunity to LONG EURJPY             from the following analysis:
1) The price action since Dec 2014 high might be forming 5-3-5 zigzag ((a))-((b))-((c)) corrective wave that is ((impulse))-((combination))-((impulse)).
2) The wave ((b)) might be formed from (w)-(x)-(y) combination that is (expanded flat)-(combination)-( zigzag ) pattern.
3) Sufficient Fib 1.236-1.382 extension of wave (w) by wave (x) completed.

Stop loss and Profit target:
1) Stop loss is located on the end of wave (x) at 122.058 to avoid one more downside movement by the wave z.
2) Profit target can be estimated from the following analysis.

- 2a) The length of wave (y) can be derived from (y)=(w) that is the most common Fibonacci relationship.
Hence, the target price can be calculated as 122.058+(141.055-126.902)=136.211.
- 2b) In a zigzag ((a))-((b))-((c)), the retracement of wave ((a)) by wave ((b)) depends on the structure of wave ((b)).
If wave ((b)) is a combination, wave ((b)) typically retraces 38.2%-50% of wave ((a)) as indicated by "target price range".
- 2c) From 2a) and 2b), two Fibonacci price relationships project to approximately the same price level.
This means that target price stated above is reasonable and reliable from the viewpoint of Fibonacci clusters.

Thank you for taking the time to read my article.
Best regards.
Trade active
Trade closed manually: As everybody knows, the uptrend has already broken.
My analysis was not so good.
I would like to look for another chance after review.
Thanks.
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