EUR/JPY Archives - Page 3 of 7 - Elliott Wave Forecast

Elliott Wave View: Incomplete Bullish Sequence in EURJPY

August 5, 2020 By EWF Hardianto

EURJPY 45 Minutes chart below shows that the pair has ended the cycle from July 22 high in wave ((iv)) at 122.81 low. Up from wave ((iv)) low, the pair extended higher in wave (i), which ended at 123.87 high. The pullback in wave (ii) then ended at 122.98 low. The correction unfolded as a Flat Elliott Wave Structure. Afterwards, the pair resumed higher in wave (iii), which ended at 125.20 high. The subdivision of wave (iii) unfolded as a 5 waves impulsive Elliott Wave Structure. Wave (iv) pullback then ended at 123.96 low. Currently, wave (v) is in progress. It needs to break above wave (iii) high to confirm the next leg higher has already started. While above 122.81 low, the pair can still see a few more highs before ending a larger degree wave 1. Afterwards, it should pullback in wave 2 to correct cycle from June 22 low before the rally resumes again.

The recent rally in EURJPY has broken above June 5 high. The pair is now showing a bullish sequence against May 6 low. The 100-123.6% extension where the rally can potentially end is between 129.24-131.61 area. As long as June 22 low at 119.12 stays intact, expect the dips in 3,7 or 11 swings to find support for more upside in the near term targeting the equal leg area.

EURJPY 45 Minutes Elliott Wave Chart

EURJPY Elliott Wave Video

Elliott Wave View: EURJPY Can See More Downside

June 18, 2020 By EWFHendra

Elliott Wave View in EURJPY suggests the decline from 6.1.2020 high is unfolding as a 5 waves impulse Elliott Wave structure. Down from 6.1.2020 high, wave 1 ended at 120.23 as an impulse. Afterwards, the bounce in wave 2 ended at 122.11 as a zigzag. Up from wave 1 low, wave ((a)) ended at 121.81 and wave ((b)) pullback ended at 120.31. The pair then extended higher in wave ((c)), which ended at 122.11. The pair then resumes lower in wave 3 as another 5 waves impulse in lesser degree.

Down from wave 2 high, wave (i) ended at 121.4, and bounce in wave (ii) ended at 121.867. Pair resumes lower in wave (iii) towards 121.15 and wave (iv) bounce ended at 121.508. Final leg wave (v) ended at 120.45 and this completed wave ((i)). Pair then bounced in wave ((ii)) and ended at 121.23. Currently, wave ((iii)) is in progress as an impulse where wave (i) of ((iii)) ended at 119.8. Near term, while bounce in wave (ii) of ((iii)) stays below 121.23, and more importantly below 122.11, expect pair to extend lower again. As far as pivot at 122.11 high stays intact, expect rally in EURJPY to fail in the sequence of 3 ,7, or 11 swing for further downside.

EURJPY 1 Hour Elliott Wave Chart

EURJPY Elliott Wave Video

Elliott Wave View: Rally in EURJPY Expected to Fail

April 24, 2020 By EWFHendra

EURJPY broke below September 3, 2019 low (115.86) and pair now shows a lower low sequence from February 2018 high and January 2020 high as the video below explains. Near term, decline from April 7, 2020 high is unfolding as a 5 waves impulsive Elliott Wave structure. Down from April 7, wave (i) ended at 117.89 and wave (ii) bounce ended at 119. Pair then resumes lower in wave (iii) towards 116.73 and bounce in wave (iv) ended at 117.26. Pair then extends lower in wave (v) towards 116.17 which also ended wave ((i)) in larger degree.

Bounce in wave ((ii)) is proposed complete at 117.2 as a zigzag. Wave (a) ended at 117.16, wave (b) ended at 116.64, and wave (c) of ((ii)) ended at 117.2. From there, pair has resumed lower in wave ((iii)). Down from 117.2, wave (i) ended at 115.7 and bounce in wave (ii) ended at 116.82. Near term, while bounce fails below 117.2, and more importantly below 119.03, expect pair to extend lower. We expect any rally to fail in 3, 7, or 11 swing for further downside in the pair. Potential target lower is 100% – 123.6% Fibonacci extension from January 16, 2020 high which comes at 112.7 – 114.3.

EURJPY 1 Hour Elliott Wave Chart

EURJPY 1 Hour Elliott Wave Video

EURJPY : Market Patterns Calling the Move Lower

April 19, 2020 By EWF Aidan

EURJPY Technical Analysis

On April 14/2020 I posted on social media (Stocktwits/Twitter) @AidanFX the SELL trade setup “Sell EURJPY @ 117.67 Stop Loss @ 117.93 Target @ 117.15“

EURJPY 1 Hour Chart April 14.2020 : The chart below was also posted on social media (StockTwits/Twitter) @AidanFX April 14/2020 showing that price hit a clear Support/Resistance Zone (pink) and reacted with a move lower. Support/Resistance patterns should always be used with other technical strategies/techniques and should never be used to trade on it’s own. On the 1 hour chart there was a clear bearish trend continuation divergence pattern (purple) that formed after price respected the support/resistance zone and was followed by a bearish engulfing candlestick pattern (green) that also formed. These market patterns was enough confirmation to enter a SELL trade (light blue) and to post the SELL trade setup to the public. I called for traders on April 14/2020 to SELL at 117.67 with stops at 117.93 looking for a 1:2 RR target at 117.15.

EURJPY 1 Hour Chart April 15.2020 : Price remained trading below the 50 Moving Average (dark blue) offering more confirmation to continue holding the April 14/2020 SELL trade. On April 15/2020 the pair moves lower and hits the 1:2 RR target. Price moved below the target level and I eventually banked profits at 117.07 for +60 pips which I posted on social media -> “KA-CHING !!! $EURJPY Target HIT @ 117.15 from 117.67 and closed @ 117.07 +60 pips.” If you followed me on Twitter/Stocktwits you too could have caught the EURJPY move lower.

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

*** Always use proper risk/money management according to your account size ***

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EURJPY: Rejection in Blue Box Starts Next Leg Lower

April 18, 2020 By Daud Bhatti

EURJPY has been under pressure since forming a lower high 121.15 on 25th March. It is yet to break below 10th March low but the bounces look corrective which increase the likelihood of a break lower. Moreover, other Yen pairs like CADJPY and SEKJPY are showing incomplete bearish sequence which also supports the idea of a break lower in EURJPY. However, in this blog we would look at the forecast we presented to members toward the end of March. Let’s take a look at the chart below

EURJPY 4 Hour Elliott Wave Analysis 3.26.2020

Chart below shows cycle from 122.86 (1.16.2020) ended at 116.10 (3.9.2020). Then pair started bounce to correct the decline from 122.86 peak in a double three Elliott wave structure when wave W ended at 120.32, wave X ended at 116.86 and wave Y was expected to complete in the blue box between 121.08 – 122.09 area and then we expected the pair to turn lower and resume the decline for a new low below 116.10 or produce a 3 waves reaction lower at least. Blue Boxes are High-Frequency areas which are based in a relationship of sequences, cycles and calculated using extensions, we also call them no-enemy areas because in this area both buyers and sellers agree in the direction of the next move for 3 swings at least.

EURJPY 4 Hour Elliott Wave Analysis 4.15.2020

EURJPY bounce failed in the blue box and it decline in 5 waves which we have labelled as wave 1. Due to the decline from the blue box being impulsive we have tweaked the structure of the previous drop from 122.86 – 116.10 to be a diagonal with a FLAT in wave 2. Wave 1 of (3) completed at 116.31 and recovery in wave 2 is also proposed to be over at 119.07. Now, as bounces fail below 119.07 and more importantly below 121.15, we expect the pair to continue lower. In case pair fails to break below 116.31 and breaks above 119.07, then it could be doing a double correction in wave 2 toward 119.26 – 120.95 area before it turned lower again. Break below 116.10, would confirm extension lower toward 114.37 – 110.17 area.

EURJPY : Trading a Triangle Breakout Pattern

April 12, 2020 By EWF Aidan

EURJPY Technical Analysis

On March 30/2020 I posted on social media (Stocktwits/Twitter) @AidanFX “Will be watching for possible selling opportunities $EURJPY“

EURJPY 1 Hour Chart March 30.2020 : The chart below was also posted on social media (StockTwits/Twitter) @AidanFX March 30/2020 showing that a bearish descending triangle breakout pattern (black) was forming. I called for traders to watch for SELLS on the break below the triangle as long as price respects the moving average (dark blue) and to also watch for a break below the support level (black) on the bottom indicator (blue & pink). A bearish Momentum Breakout Pattern (light green) was also visible on the top indicator and on the price chart signalling that the bottom trend line of the triangle was a key breakout level.

EURJPY 1 Hour Chart April 1.2020 : On March 31/2020 a bearish divergence pattern (purple) forms, price respects the moving average (dark blue) and EURJPY breaks below the triangle breakout pattern (black) and below the SELL break level (green). SELLS were triggered on the initial break and price did a retest of the breakout level after which became a support/resistance zone and signalled for more sellers to enter the market. Bottom indicator (blue & pink) also broke below the support trend line (black) confirming bears were in control. April 1/2020 the pair moves lower and hits targets 1 and 2 for a +180 pips where I eventually banked profits. If you followed me on Twitter/Stocktwits you too could have caught the EURJPY breakout move lower.

*** Always use proper risk/money management according to your account size ***

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