EURJPY short-term Elliott wave analysis suggests that the rally to 130.85 high ended Minor wave A of a Zigzag structure. The internals of that rally higher unfolded in 5 waves impulse structure with the sub-division of 5 waves structure as mentioned previously in the previous post. Down from there, the pullback to 127.83 low ended Minor wave B pullback. The internals of that pullback unfolded as double three structure with the sub-division of 3-3-3 swings in Minute wave ((w))-((x))-((y)).

Below from 130.85 high, the initial decline to 128.54 low ended Minute wave ((w)) in lesser degree zigzag structure. Up from there, the bounce to 129.97 high ended Minute wave ((x)) bounce as double three structure. Then finally, a decline towards 127.83 ended Minute wave ((y)) & also completed the Minor wave B pullback. Up from there, the pair has managed to make a new high above 130.85 creating a cycle from 8/15 low (124.91) incomplete to the upside & also confirms the Minor C. Which can be either impulse or ending diagonal structure. Near-term, while dips remain above 127.83 low pair is expected to see more upside. The 100%-123.6% Fibonacci extension area of Minor A-B comes at 133.76-135.18 to the upside. We don’t like selling it as the right side & sequence tag is suggesting more upside, therefore, expect buyers to appear in 3, 7 or 11 swings against 127.83 low.

EURJPY 1 Hour Elliott Wave Chart

EURJPY short-term Elliott wave view suggests that the decline to 124.87 low ended intermediate wave (2) pullback of a leading diagonal structure from 5/29/2018 cycle. Above from there, the rally higher is taking place as Elliott wave zigzag structure within intermediate wave (3) of a diagonal. In a zigzag ABC structure, lesser degree cycles should show sub-division of 5-3-5 structure i.e Minor wave A unfolds in 5 waves either impulse or a leading diagonal, Minor wave B unfolds in 3 swings corrective structure. Whereas Minor wave C unfolds in another 5 waves structure either impulse or Ending diagonal structure.

In EURJPY’s case, the rally higher from 124.87 low unfolded as 5 waves impulse structure in Minor wave A. Up from 124.87 the rally higher to 126.49 high ended Minute wave ((i)) in 5 waves structure. Down from there the pullback to 125.55 low ended Minute wave ((ii)) pullback. A rally higher from there to 130.275 high ended Minute wave ((iii)) with another lesser degree 5 waves structure. Below from there, a pullback to 129.55 low ended Minute wave ((iv)). Finally, a rally to 130.86 high ended Minute wave ((v)) & also completed Minor wave A. Currently Minor wave B pullback remains in progress in 3, 7 or 11 swings to correct the cycle from 124.87 low before the rally resumes, provided the pivot at 124.87 low stays intact. We don’t like selling it.

EURJPY 1 Hour Elliott Wave Chart

EURJPY short-term Elliott wave analysis suggests that the decline from 7/17/2018 peak (131.97) is unfolding as 5 leading diagonal structure in Minor wave A of a possible zigzag correction. The initial decline to 129.39 low ended Minute wave ((i)). Then Minute wave ((ii)) bounce ended at 131.13 as a Flat. Down from there, Minute wave ((iii)) ended at 128.49. The lesser degree cycle of Minute wave ((iii)) also unfolded in 5 waves structure where Minutte wave (i) ended at 130.54. Minutte wave (ii) ended at 131.09, Minutte wave (iii) ended at 129.19 low. Minutte wave (iv) ended at 129.52 low and Minutte wave (v) of ((iii)) ended at 128.49 low.

Up from there, the bounce to 129.47 high ended wave ((iv)) as a Flat correction. Below from there, Minute wave ((v)) is taking place at the moment in another 5 waves structure looking to extend lower 1 more time approximately towards 127.44 200% inverse extension area of Minute wave ((iv)) before ending the Minor wave A lower. In case of further downside extension area, the pair can see 127.29-126.78 100%-123.6% Fibonacci extension area of ((v))=((i)) target area as well before ending Minor wave A lower. Afterwards, the pair is expected to do a bounce in Minor wave B in 3, 7 or 11 swings before pair turns lower again. We don’t like buying the pair.

EURJPY 1 Hour Elliott Wave Chart

Hello Fellow Traders. Another instruments we have traded lately is EURJPY. As our members know, EURJPY has been correcting the cycle from the June 2016 low ( 109.187).  We knew that price will find buyers as soon as it reaches extremes per Elliott Wave hedging strategy.  We recommended members to wait for extremes to be reached before buying the dips again in the pair.  In further text we’re going to explain the Elliott Wave forecast and trading strategy.

EURJPY Daily Elliott Wave Analysis 5.26.2018

The pair is doing pull back against the 2.0072 low. Current price structure of the pull back is showing incomplete swing sequences. As far as the price stays below ((B)) peak (04/24 2018)  the pair is missing a swing to complete cycle from the February peak. We’re calling for another swing down toward 125.198-123.219 . At that area buyers should ideally appear either for further rally or 3 wave bounce at least. Our trading strategy is buying the dips at 125.198-123.219 area, when invalidation level of the trade would be break below 1.618 fib extension ( 120.016). Due to Elliott Wave Hedging bounce is likely to happen and as soon as the price reaches 50 Fibs against the ((B)) peak our recommendation is to make long positions risk free –put Stop Loss at BE.

 

EURJPY 4 Hour Elliott Wave Analysis 3.26.2018

The price has given us forecasted leg lower and reached buying zone at  125.198-123.219 . Buyers have appeared shortly after and we’re getting nice bounce from the mentioned area. Rally has reached 61.8 Fibs against the ((B)) peak. As a result members are now enjoing profits in risk free long positions.
Recently we got break of 06/14 peak , that has given us confirmation next leg up is in progress. Next target to the upside comes at 132.36+ area.

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

EURJPY 1 Hour Elliott Wave Chart

 

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