Short term view in EURJPY suggests rally from 5.11.2023 low is unfolding as a 5 waves impulse. Up from 5.11.2023 low, wave ((i)) ended at 151.06 and pullback in wave ((ii)) ended at 148.596. The pair then rallies higher in wave ((iii)) in 5 waves of lesser degree. Up from wave ((ii)), wave (i) ended at 150.19 and pullback in wave (ii) ended at 148.61. Pair extended higher in wave (iii) towards 156.93 and pullback in wave (iv) ended at 155.04. Final leg wave (v) ended at 158 which completed wave ((iii)) in higher degree as the 45 minutes chart below shows.
Pullback in wave ((iv)) is currently in progress as a double three Elliott Wave structure. Down from wave ((iii)), wave a ended at 157.216 and wave b ended at 157.919. Wave c lower ended at 157.19 which completed wave (w). Expect pair to rally in wave (x) to correct cycle from 6.28.2023 high (158) before turning lower again in 3 waves to complete wave (y). This should complete wave ((iv)) in higher degree before pair resumes higher again. Near term, as far as pivot at 154 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
