• 2 days Under COVID, The Rich Got Richer
  • 3 days Will Biden Lift Sanctions On Venezuela?
  • 4 days How To Play The Next Stage Of The Marijuana Boom
  • 4 days India Looks To Import More Venezuelan Oil Under Biden
  • 4 days 3 Unstoppable Stocks With A Biden Boost
  • 5 days The Biggest Biotech Story Of 2021?
  • 5 days Biden Looks To Rejoin Paris Climate Agreement
  • 6 days Capital One Fined Again For Money-Laundering Failure
  • 6 days The Star-Studded Fund Backing Clean Energy Startups
  • 7 days The Unexpected Retail Segment On Track To Hit $68B
  • 9 days Oil Demand Falters On New Wave Of Lockdowns
  • 10 days Signal, Telegram Gain Ground As Social Censorship Breaks Headlines
  • 11 days Investors Should Be Worried About Tech Stocks
  • 13 days Battle For Market Share Intensifies In COVID Streaming War
  • 15 days Censorship Is Now Private, And That’s Scary
  • 17 days Markets Hit ‘Ignore’ Over Capitol Coup
  • 19 days Tesla’s China Strategy Is Yet Another ReasonTo Double Down
  • 20 days NYSE Reverses China Company Delisting Plans … For Now
  • 22 days The Dollar Could Remain Weak For Years To Come
  • 25 days The Simple Secret To Tesla-Like Gains
Strong U.S. Dollar Weighs On Blue Chip Earnings

Strong U.S. Dollar Weighs On Blue Chip Earnings

Earnings season is well underway,…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

Tesla Struggles To Compete In European Market

Tesla Struggles To Compete In European Market

Tesla continues to catch 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: Short term Pullback

Short Term EURJPY Elliott Wave view suggests the rally from 4/16 low is unfolding as a double three Elliott Wave structure. Up from 4/16 (114.8) low, Intermediate wave (W) ended at 125.81 and Intermediate wave (X) ended at 122.53. A break above 125.81 however is still needed to add conviction that the next leg higher has started.

From 122.53 low, the rally is also unfolding as a double three Elliott Wave structure. Minute wave ((w)) ended at 125.8 and Minute wave ((x)) ended at 123.11. Near term, cycle from 5/30 low (123.11) is mature and expected to end soon. This cycle from 5/30 low is unfolding as a Flat Elliott Wave structure and expected to end with Minutte wave (w) at 125.5 – 125.7 area. Once Minutte wave (w) is over, expect pair to pullback in Minutte wave (x). The pullback should unfold in 3, 7, or 11 swing and while the pullback stays above 123.11, pair should extend higher. If pair breaks below 123.11, then pair is likely doing a double correction from 5/16 peak. This suggests pair can open extension lower to 121.6 – 122.25 area in case of a double correction. From this area, buyers should appear again for an extension higher or at least a 3 waves bounce. We do not like selling the proposed move to the downside and expect dips to find buyers in 3, 7, or 11 swing.

EURJPY Elliott Wave 1 Hour Chart

(Click to enlarge)

Back to homepage

Leave a comment

Leave a comment