EUR/JPY Archives - Page 2 of 7 - Elliott Wave Forecast

Elliott Wave View: 5 Waves Rally in EURJPY Favors More Upside

January 29, 2021 By EWFHendra

Short Term Elliott Wave View in EURJPY suggests the decline to 125.07 low ended wave 2. Pair has started to turn higher in wave 3 as an impulsive structure. Rally from wave 2 low unfolded as 5 waves leading diagonal and ended wave ((i)) at 126.66. Up from wave 2 low on January 18, wave (i) ended at 126.21 and pullback in wave (ii) ended at 125.23. Pair then resumed higher in wave (iii) towards 126.41 and pullback in wave (iv) ended at 125.56. The final leg higher in wave (v) ended at 126.66 and this also completed wave ((i)) in higher degree.

Wave ((ii)) pullback is now in progress to correct cycle from January 18 low before the rally resumes. The internal subdivision of wave ((ii)) is proposed to be unfolding as a double three. Wave (w) ended at 126.18 and bounce in wave (x) ended at 126.62. Expect another leg lower to end wave (y) of ((ii)) before buyers appear for more upside. As far as January 18 low pivot at 125.07 stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.

EURJPY 60 Minutes Elliott Wave Chart

EURJPY Elliott Wave Video

Elliott Wave View: EURJPY Ready for Next Bullish Leg

December 2, 2020 By EWFHendra

Short term Elliott Wave View in EURJPY suggests the rally from October 30 low is unfolding as a 5 waves impulsive Elliott Wave structure. Up from October 30 low, wave ((i)) ended at 125.13, and pullback in wave ((ii)) ended at 122.81. Wave (((iii)) is now in progress and the internal subdivides in another 5 waves in lesser degree. Up from wave ((ii)) low at 122.81, wave i ended at 123.48 and wave ii ended at 122.93.

Pair resumed higher in wave iii towards 124.5, wave iv ended at 124.11, and wave v ended at 124.57. This completed wave (i) in higher degree. Pullback in wave (ii) ended at 123.87. Up from there, wave i ended at 125.13 and wave ii pullback ended at 124.34. Expect pair to continue higher in wave iii, pullback in wave iv, then extend higher again in wave v. As far as pivot at 123.86 low stays intact, expect dips to continue finding support in 3, 7, or 11 swing for further upside. If pair is able to break above September 1 high (127.07), it will create a bullish sequence from May 6 low, favoring further upside.

EURJPY 60 Minutes Elliott Wave Chart

EURJPY Elliott Wave Video

EURJPY Forecasting The Decline From Blue Box Area

November 4, 2020 By Hassan Sheikh

In this technical blog, we are going to take a look at the past performance of EURJPY, 4-Hour Elliott wave Charts that we presented to our members. But before looking into the Charts, we need to understand the market nature first. The market always fights between the two sides i.e Buying or Selling. We at Elliott Wave Forecast understand the Market Nature and always recommend trading the no-enemy areas. We called those no-enemy areas which are reflected as blue box areas on our Charts. They usually give us the reaction in favor of market direction in 3 swings at least. Now, let us take a quick look at the EURJPY Charts and structure below:

EURJPY 4 Hour Elliott Wave Chart

The decline from September 01, 2020 peak unfolded in 5 waves impulse structure thus suggested that it’s a continuation pattern. Therefore, wave ((b)) bounce was expected to fail in 3 or 7 swings for another 5 wave extension lower. Above is the 4 Hour Elliott wave Chart from the 10/12/2020 update. In which the decline to 122.34 low ended wave ((a)) as 5 waves impulse structure. Up from there, the bounce from the lows unfolded as a zigzag structure in a lesser degree cycle. When wave (a) ended at 124.50 high, wave (b) pullback ended at 122.99 low. Wave (c) was expected to reach the no enemy area at 124.91-126.10 100%-161.8%Fibonacci extension area of (a)-(b). From there, the pair was expected to resume the next extension lower or to do a 3 wave reaction lower at least.

EURJPY 4 Hour Elliott Wave Chart

Here’s 4 Hour Elliott Wave Chart from the 10/31/2020 Weekend update. In which the pair managed to reach the blue box area at 124.91-126.10 100%-161.8% and got rejected as expected. Allowed our members to create a risk-free position shortly after taking the short positions as per Elliott wave hedging.

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EURJPY Elliott Wave: Forecasting The Rally After Zig Zag Pattern

September 11, 2020 By EWF Vlada

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of EURJPY, published in members area of the website. As our members know, EURJPY is showing higher high sequences in the cycle from the May 6th low. Consequently we’ve been calling rally in EURJPY since the pair broke June 5th peak. The pair made pull back that has unfolded as Elliott Wave Zig Zag pattern In the further text we are going to explain the Elliott Wave Pattern and the Forecast.

Before we take a look at the real market example, let’s explain Elliott Wave Zigzag pattern.

Elliott Wave Zigzag is the most popular corrective pattern in Elliott Wave theory . It’s made of 3 swings which have 5-3-5 inner structure. Inner swings are labeled as A,B,C where A =5 waves, B=3 waves and C=5 waves. That means A and C can be either impulsive waves or diagonals. (Leading Diagonal in case of wave A or Ending in case of wave C) . Waves A and C must meet all conditions of being 5 wave structure, such as: having RSI divergency between wave subdivisions, ideal Fibonacci extensions and ideal retracement.

EURJPY 1h Hour Elliott Wave Analysis 9.8.2020

The pair is trading within the cycle from the 06/22 low. Currently we are getting Wave 2 red pull back that has for of Elliott Wave Zig Zag pattern. So far we got 5 waves down from the 127.086 peak, that is labeled as wave ((a)). Then we got 3 waves bounce in ((b)) short term recovery and breaks toward new lows. Correction still looks incomplete at the moment, suggesting we can get more short term weakness before rally takes place toward new highs.We expect to see at least another marginal push lower to have 5 waves in ((c)) leg as well.

EURJPY 1h Hour Elliott Wave Analysis 9.9.2020

The pair is still doing wave 2 red pull back that is unfolding as Elliott Wave Zig Zag pattern. Although current decline from the 125.98 peak can be counted as 5 waves, we believe another leg down would be ideal as equal legs ((a))-((b)) has not been reached yet. So current bounce can be unfolding as (iv). As far as 125.98 pivot holds we can get another leg down down toward 124.151-123.72 area. At that zone we would like to be buyers for proposed rally toward new highs or 3 waves bounce at least. We don’t recommend selling the pair at this stage.

You can learn more about Zig Zag Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.

EURJPY 1h Hour Elliott Wave Analysis 9.10.2020

In the mean time we got stronger bounce than expected. Buyers were strong enough to break 125.98 pivot. At this stage we call Elliott Wave Zig Zag completed at the 124.38 low. Unfortunately this equal legs hasn’t been reached, and we didn’t get chance to enter the trade. Pull back ended as truncation. Now as far as the price holds above 124.38 low, we can get further extension up. The pair needs to see break above 09/07 peak in order to confirm next leg up is in progress. Then we will look for new potential buying opportunity. Anyway we don’t recommend selling the pair in any proposed pull back and expect further strength due to incomplete sequences from the May low.

Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.We put them in Sequence Report and best among them are shown in the Live Trading Room

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EURJPY : Market Patterns Continue to Call the Move Higher

September 5, 2020 By EWF Aidan

On August 21 2020 I posted on social media Stocktwits/Twitter @AidanFX “Added LONG/BUY EURJPY”

The chart below was also posted on social media StockTwits/Twitter @AidanFX August 21 2020 showing that bullish market patterns were visible on the 1 hour chart calling for a move higher. Bullish Pattern (blue) triggered BUYS at the XA 0.886 Fib. retracement level and the bullish AB=CD pattern (purple) triggered BUYS at the AB=CD level. I called for traders to add EURJPY LONGS/BUYS with a tight stop loss at the point X of the blue bullish pattern. Bullish divergence pattern (pink) added more confirmation to enter the 2nd BUY. 2nd BUY entry triggered at 124.65 with stop loss at 124.30. Also check this article published August 21 2020 > EURJPY : Visible Market Patterns Signalling the Move Higher

EURJPY 1 Hour Chart August 21 2020

The pair pushed higher and hit the 1:4 RR 2nd BUY target. A trend continuation divergence pattern (pink) formed on the pullback after hitting the 1:4 RR target which signalled more upside was still in the works and to hold on to 2nd LONGS/BUYS. Also entered 3rd LONG/BUY at 125.48 with stops at 124.83 looking for a 1:2 RR Target

EURJPY 1 Hour Chart August 27 2020

The pair eventually rallied higher and hit the 1:6 RR 2nd BUY target at 126.75 from 124.65 for +210 pips and hit the 1:2 RR 3rd BUY target at 126.78 from 125.48 for +130 pips. Combined total +340 pips and still holding 1st EURJPY 123.98 BUY entry. If you followed me on Twitter/Stocktwits @AidanFX you too could have caught the EURJPY move higher.

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan

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EURJPY : Visible Market Patterns Signalling the Move Higher

August 21, 2020 By EWF Aidan

On July 29 2020 I posted on social media Stocktwits/Twitter @AidanFX “EURJPY if we break above 123.98 then i will looking to BUY “

The chart below was also posted on social media StockTwits/Twitter @AidanFX July 29 2020 showing that a bullish Cup & Handle pattern was clearly visible on the 4 hour chart calling for a possible move higher. The bullish pattern triggers BUYS when price breaks above the handle of the cup. The market pattern formed during an uptrend, stayed above the 200 moving average and the base formed on the top half of the uptrend move. I advised traders to watch for price to break above the handle and expect a rally higher when it does.

EURJPY 4 Hour Chart July 29 2020

On July 30/2020 price breaks above the handle and BUY entry was triggered at 123.98 with stop loss at 122.83.

EURJPY 4 Hour Chart July 30 2020

The pair rallies higher and August 13/2020 hits the 1:2 RR target at 126.28 for +230 pips. The pair, as of August 21 2020, has yet to hit the remaining 1:3RR or 1:4RR targets but there is still possibility in the coming weeks that it can push higher and hit them. Only time will tell.

EURJPY 4 Hour Chart August 13 2020

On August 11 2020 I also posted the 2nd BUY on social media Stocktwits/Twitter @AidanFX “EURJPY Possible pair can rally higher. Watch for possible buying opportunities. Will be adding more BUYS.”

The chart below was also posted on social media StockTwits/Twitter @AidanFX August 11 2020 showing that a bullish wedge breakout pattern was visible on the 1 hour chart calling for a move higher. Price bounced off the support/resistance level (brown), bullish divergence pattern formed (pink) adding more confirmation to enter the 2nd BUY on the break above the wedge pattern. 2nd BUY entry (light blue) triggered at 124.67 with stop loss at 124.29.

EURJPY 1 Hour Chart August 11 2020

The pair eventually rallied higher and hit the 1:5 RR 2nd BUY target at 126.57 for +190 pips. If you followed me on Twitter/Stocktwits @AidanFX you too could have caught the EURJPY move higher.

EURJPY 1 Hour Chart August 13 2020

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