EURJPY In A Bullish Turn - Elliott wave analysis
Hello traders,
EURJPY completed a five-wave recovery from end of May, indicating that trend can be turning into bullish mode. That said, before more upside can be seen, we still want to see a three-wave A-B-C pullback, as part of a trend, ideally towards the Fib. ratio of 50.0 or 61.0, where support can be seen.
A new rally in five legs of a lesser degree, and above the 122.16 lvl would confirm more upside.
Trade well!
EURJPY completed a five-wave recovery from end of May, indicating that trend can be turning into bullish mode. That said, before more upside can be seen, we still want to see a three-wave A-B-C pullback, as part of a trend, ideally towards the Fib. ratio of 50.0 or 61.0, where support can be seen.
A new rally in five legs of a lesser degree, and above the 122.16 lvl would confirm more upside.
Trade well!
EURJPY found support for its A-B-C correction at 119.33 level and turned higher. We see a probable Elliott wave leading diagonal in wave 1, which was followed by a sharp pullback as wave 2. Latest rally can now be wave 3, which can target 124.5/125.0 region.