While the new minor low today in EURJPY has forced a slight Elliot wave recount the longer-term outlook has not changed.
YEN crosses are all bullish over the next weeks and months with EURJPY expected to rise to complete the final c (black backgrounded) of "e" of longer-term Monthly triangle (see link to MONTHLY count from 2007 to now below).
It is notable that today there was a clear support and rise from where wave c (red backgrounded) of b (black backgrounded) is exactly 1.618 fibonacci times wave a (red backgrounded) as part of wave b (black backgrounded) of the final wave "e" of Monthly triangle count.
Point is on the Monthly chart it is clear a new rise in c (black backgrounded) of "e" is needed to complete the final pattern of the Longer Term Monthly triangle.
While today's low could be the final end of this current c (red backgrounded) of b (black backgrounded) of "e" of the triangle, it doesn't preclude another minor low but it doesn't need it.
If today's low is "the end" then a 1:1 ratio of wave a (black backgrounded) to c (black grounded) of e (of longer term Monthly chart) would mean a target for EURJPY of around 130 to complete final wave "e" on the longer-term Monthly chart (again - check out link below).
Longer-term charts are more powerful and another minor low or today's low being the end of the drop, either way for the next weeks and months I am highly bullish on the Yen crosses.
Today's drop in the S&P looks to me as the final "v" of an ending diagonal of "C" in a corrective drop from the recent all time highs (a-b-c pattern) which would jive with the above bullish view on EURJPY.
YEN crosses are all bullish over the next weeks and months with EURJPY expected to rise to complete the final c (black backgrounded) of "e" of longer-term Monthly triangle (see link to MONTHLY count from 2007 to now below).
It is notable that today there was a clear support and rise from where wave c (red backgrounded) of b (black backgrounded) is exactly 1.618 fibonacci times wave a (red backgrounded) as part of wave b (black backgrounded) of the final wave "e" of Monthly triangle count.
Point is on the Monthly chart it is clear a new rise in c (black backgrounded) of "e" is needed to complete the final pattern of the Longer Term Monthly triangle.
While today's low could be the final end of this current c (red backgrounded) of b (black backgrounded) of "e" of the triangle, it doesn't preclude another minor low but it doesn't need it.
If today's low is "the end" then a 1:1 ratio of wave a (black backgrounded) to c (black grounded) of e (of longer term Monthly chart) would mean a target for EURJPY of around 130 to complete final wave "e" on the longer-term Monthly chart (again - check out link below).
Longer-term charts are more powerful and another minor low or today's low being the end of the drop, either way for the next weeks and months I am highly bullish on the Yen crosses.
Today's drop in the S&P looks to me as the final "v" of an ending diagonal of "C" in a corrective drop from the recent all time highs (a-b-c pattern) which would jive with the above bullish view on EURJPY.
