• 45 mins COVID-19 Could Be The End Of U.S. Coal
  • 17 hours How Much Does Your Social Security Number Cost? $4 On The Dark Web
  • 2 days Silver Stocks Have Been Decimated In The Coronavirus Sell-Off
  • 3 days How Blockchain Tech Could Make Mergers And Acquisitions More Efficient
  • 3 days America’s Shortage Of This Metal Keeps Trump Up At Night
  • 4 days Bidet Bonanza: Defying The Toilet Paper Shortage
  • 4 days U.S. Auto Sales Fall By 75%
  • 5 days Violating Quarantine? Big Brother Is Watching
  • 5 days Does Gold Still Have Some Room To Run?
  • 5 days Major Acquisition Gives The World’s First Green Ride-Share Another Edge
  • 6 days U.S. Pushes For Digital Currency For Immediate Stimulus
  • 6 days The Impossible Challenges Created By Growing Population
  • 6 days Gold Skyrockets After Fed Pledges "Unlimited" Cash To Boost Economy
  • 7 days World’s Richest Lose $1 Trillion In Stock Market Rout
  • 7 days Gas Stations Shut Down In Venezuela As Coronavirus Crisis Intensifies
  • 7 days The Best And Worse Case Scenario For The U.S. Stock Market
  • 8 days 3 Industries Soaring During The Coronavirus Crisis
  • 8 days The Key To Commercial Hydrogen
  • 9 days Gold Still Beating Much Of The Market Despite Sell-Off
  • 9 days Gold Miners Struggle With COVID-19 Fallout
What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to…

Contact Author

  1. Home
  2. Markets
  3. Other

EURJPY Elliott Wave View: Correction in Progress

Short term Elliott Wave view in EURJPY suggests that the decline to 118.18 on 2/24 ended Primary wave ((4)). Primary wave ((5)) is currently in progress higher and the rally from Primary wave ((4)) low at 118.18 is unfolding as an ending diagonal Elliott wave structure where Intermediate wave (1) ended at 122.88. The subwaves of Intermediate wave (1) takes the form of a zigzag Elliott wave structure where Minor wave A ended at 121.19, Minor wave B ended at 119.97, and Minor wave C of (1) ended at 122.88.

Revised view suggests that Intermediate wave (2) pullback is still in progress in 7 swing or a double three structure where Minor wave W ended at 121.087. While Minor wave X bounce fails below 122.88, pair has scope to turn lower one more leg in Minor wave Y of (2) towards 119.27 - 120.52 area before the rally resumes. We don’t like selling the proposed pullback and expect buyers appear at 119.27 - 120.52 area for an extension higher or at least 3 waves bounce as far as pivot at 118.18 low stays intact. If pair breaks above 122.88 from here, that will suggest that Intermediate wave (2) has ended at 121.087 and pair has resumed the rally higher.


EURJPY 1-Hour Chart

EUR/JPY 1-Hour Chart
Larger Image


Elliott Wave Degree

 


At Elliottwave-Forecast, we offer 24 hour coverage of 52 instruments from Monday - Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Trial to sample everything we have to offer.

 

Back to homepage

Leave a comment

Leave a comment