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EURJPY Has Incomplete Retracement- Elliott Wave


–After a completed bullish five-wave cycle, EURJPY can be making an (A)-(B)-(C) correction before the uptrend resumes–.

Hello traders!
Today we will talk about EURJPY, its price action from technical point of view and wave structure from Elliott Wave perspective.   If you are familiar with EW, then you know that after every five waves, a three-wave corrective setback follows before we may see a trend continuation, in this case bullish one. And as you can see on the 4h chart below, EURJPY made nice and clean five-wave recovery from 121.60 lows which actually confirms a bullish trend. Well, after recent sharp and strong decline,   it seems like it’s trading now in an (A)-(B)-(C) correction that can send the price back to 124.55 – 123.85 support zone from where we can expect aanother resumption of an uptrend.

The main reason for JPY weakness in the upcoming weeks can be also USDJPY chart where price is trying to break out of a bigger daily wedge pattern that can be indicating the bottom and a bullish reversal in progress.

Trade well!


EURJPY,4H

USDJPY, Daily

Gregor Horvat

Gregor Horvat

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!