EURJPY Elliott Wave Analysis: Pullback can Provide Buying Chance
Hello Traders,
In this Elliott Wave analysis, we will have a look at EURJPY in the 1- hour timeframe.
EURJPY short-term suggests that the decline to 126.63 on 6/19 low ended blue wave (2) pullback. Up from there, blue wave (3) remains in progress as Elliott wave impulse. The internals of red wave 1 is unfolding as a leading diagonal with sub-division of 5-3-5-3-5.
Up from 126.63 low, black wave ((i)) ended in 5 waves at 128.84. Black wave ((ii)) pullback ended in 3 swings as a double three Elliott Wave structure at 127.12 low. Then rally from there ended black wave ((iii)) in another 5 waves at 129.5 high. Down from there, the pullback to 128.44 low completed black wave ((iv)) pullback as a Running Flat. Above from there, black wave ((v)) of 1 remains in progress in another 5 waves structure. The cycle looks mature but the pair can extend higher 1 more time before it completes red wave 1.
Afterwards, the pair is expected to do a pullback in red wave 2 in 3, 7 or 11 swings to correct cycle from 126.63 low before further upside towards 132.30-133.63 area can be seen. We don’t like selling the proposed pullback.
In this Elliott Wave analysis, we will have a look at EURJPY in the 1- hour timeframe.
EURJPY short-term suggests that the decline to 126.63 on 6/19 low ended blue wave (2) pullback. Up from there, blue wave (3) remains in progress as Elliott wave impulse. The internals of red wave 1 is unfolding as a leading diagonal with sub-division of 5-3-5-3-5.
Up from 126.63 low, black wave ((i)) ended in 5 waves at 128.84. Black wave ((ii)) pullback ended in 3 swings as a double three Elliott Wave structure at 127.12 low. Then rally from there ended black wave ((iii)) in another 5 waves at 129.5 high. Down from there, the pullback to 128.44 low completed black wave ((iv)) pullback as a Running Flat. Above from there, black wave ((v)) of 1 remains in progress in another 5 waves structure. The cycle looks mature but the pair can extend higher 1 more time before it completes red wave 1.
Afterwards, the pair is expected to do a pullback in red wave 2 in 3, 7 or 11 swings to correct cycle from 126.63 low before further upside towards 132.30-133.63 area can be seen. We don’t like selling the proposed pullback.
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