EUR/JPY was trading choppy, sideways, and overlapping for the last three and a half years, unfolding a bigger, corrective decline. We labeled a higher degree W-X-Y move within a higher degree leg E), which looks to have found support and a low at 114.41 level. After a low was formed, we can see that price made a sharp and firm rally, which also took out the 121.14 bullish level, and the upper two Elliott wave channel lines (one is connected from a former high of wave B in 2018, and the other one is from a high of a wave X in 2019). These two breaks and a firm recovery are an indication that price could be turning to the bullish side, in a minimum of three legs.
We labeled the latest recovery as wave 1), which can be completed, therefore the current decline can be part of a correction in wave 2), with support at the 119.8/118.5 zone, where Fib. ratios of 50.0 and 61.8, and previously broken channel lines can slow bearish movement down. That said, a new rally in five legs of a lesser degree would suggest a completed wave 2) correction, and a wave 3) underway.
Trade well!
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EUR/JPY Showing Bullish Signs - Elliott Wave Analysis
Published 06/17/2020, 10:11 AM
Updated 07/09/2023, 06:31 AM
EUR/JPY Showing Bullish Signs - Elliott Wave Analysis
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