Short term EURJPY Elliott Wave view suggests the decline to 122.35 on 6/15 low ended Intermediate wave (X). Rally from there is unfolding as an impulse Elliott Wave structure with extension where Minute wave ((i)) ended at 124.46 and Minute wave ((ii)) ended at 123.62. Minute wave ((iii)) is in progress as 5 waves. After a short term pullback in Minutte wave (iv), another leg higher still can be seen in Minute wave (v) to finish Minute wave ((iii)). Pair should then pullback in Minute wave ((iv)) before turning higher again. We don’t like selling the pair.

EURJPY 1 Hour Elliott Wave Chart

By Elliot Wave