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This is ESS team.
EURJPY is ready for the next wave after a strong rally.
Let's check what next happens.
This is the EURJPY 4H chart.
After breaking through the short bearish extended wave,
the chart is currently being drawn in the bullish extended wave.
After reaching 618 with the Fibonacci retracement, the 4H orderblock zone flips to convert resistance to support, the candle make consolidation and prepares to draw the next wave.
If it break out the RED short-term trend line and then is supported the zone or the short-term trend line and rise, it is likely to rise up within the extended wave for some time.
On the contrary, If candle is resisted at RED short-term trend line and breaks down the zone, There is a possibility that it may fall to the bottom of the wave.
This is ESS team.
EURJPY is ready for the next wave after a strong rally.
Let's check what next happens.
This is the EURJPY 4H chart.
After breaking through the short bearish extended wave,
the chart is currently being drawn in the bullish extended wave.
After reaching 618 with the Fibonacci retracement, the 4H orderblock zone flips to convert resistance to support, the candle make consolidation and prepares to draw the next wave.
If it break out the RED short-term trend line and then is supported the zone or the short-term trend line and rise, it is likely to rise up within the extended wave for some time.
On the contrary, If candle is resisted at RED short-term trend line and breaks down the zone, There is a possibility that it may fall to the bottom of the wave.
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EURJPY has supported by 0.786 in Fibonacci retracement after breaking down the Ascending Broadening pattern.
A breaking down at the Ascending Broadcasting pattern often means change of trend to down.
If candle is resisted by the BLUE short-term trend line, the downtrend is likely to continue, and If it is supported by the short-term trend line after breaking out, It means a new trend will begin.