EURJPY - BUY IDEA

In the forex realm, the EURJPY pair on the 45-minute chart is offering an interesting narrative through Elliott Wave analysis. It seems we've seen an impulsive wave culminating with wave (5), followed by what could be the initial stages of a corrective phase.

After a significant rally, the current pullback is likely the start of a corrective wave (4). The Fibonacci retracement levels suggest potential support and reversal points, with the 0.270 level at 165.938, the 0.382 level at 165.492, and the 0.5 level at 165.021, acting as key zones to watch.

The pair's movement is sensitive to economic indicators and sentiment from both Europe and Japan. Such retracements can offer strategic entry points for traders looking to join the trend at a more favorable price, but it’s crucial to confirm with further technical and fundamental analysis.

I’m closely monitoring these retracement levels for signs of consolidation or reversal that could signal the start of the next impulsive wave. Proper risk management is, as always, a must, especially given the currency pair's propensity for volatility. Let's stay sharp and ready for action as the market moves.

Trade closed: target reached