Elliott wave analysis: EURJPY Looking Bearish in 2020

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We see EURJPY trading bearish from March 2019, ideally unraveling an A-B-C higher degree move. We see a completed impulse (five-wave move) in A, which has been followed by a complex recovery, in three legs as B, and found possible resistance/bearish turn at 122.9 level, as the price started dropping.

A strong drop, in impulsive fashion (five lower degree waves) within the trend would be evidence of a completed correction, and that further weakness may be in store for the pair. Also, further evidence of a completed correction would be a break below the lower corrective channel line.

EURDJPY, daily

If wave B is completed, wave C can target the 115.0 zones in the upcoming weeks and months. 

Trade well,

The EW-Forecast team

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About Author

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!