Traders, let's take a look at EURJPY on the 30-minute timeframe from an Elliott Wave perspective. We've observed a noteworthy impulse pattern and it looks like we've completed wave (3). Now, it appears we are in a corrective phase for wave (4), which could be an opportunity to prepare for the next potential move.
The chart indicates that wave (4) is retracing towards the 0.382 Fibonacci level at 165.170, which is a common retracement level for a fourth wave. According to Elliott Wave principles, the fourth wave often corrects towards this zone without entering the price territory of wave (1), maintaining the rule of alternation and proportionality.
Given the volatility associated with EURJPY, we must be vigilant for sharp movements. However, if the retracement stabilizes and respects the Elliott Wave structure, we could anticipate a bullish reversal leading into wave (5).
Before considering a position, it's critical to consider both the technicals and the current news that could impact market sentiment, particularly any economic data from the Eurozone or Japan. If this setup fits within your risk parameters, it could be a chance to ride wave (5) towards a new high. Happy trading, and let's watch how this pattern unfolds!
The chart indicates that wave (4) is retracing towards the 0.382 Fibonacci level at 165.170, which is a common retracement level for a fourth wave. According to Elliott Wave principles, the fourth wave often corrects towards this zone without entering the price territory of wave (1), maintaining the rule of alternation and proportionality.
Given the volatility associated with EURJPY, we must be vigilant for sharp movements. However, if the retracement stabilizes and respects the Elliott Wave structure, we could anticipate a bullish reversal leading into wave (5).
Before considering a position, it's critical to consider both the technicals and the current news that could impact market sentiment, particularly any economic data from the Eurozone or Japan. If this setup fits within your risk parameters, it could be a chance to ride wave (5) towards a new high. Happy trading, and let's watch how this pattern unfolds!
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