The Elliott wave view in EURJPY means that the cycle from October 30, 2020 low is unfolding as an impulse construction and buying and selling inside wave (3) greater. Whereas the short-term view means that the pullback to three/24/2021 low (128.25) ended wave 4. Up from there, the rally greater is unfolding as an impulse construction the place wave ((i)) ended at 128.86 excessive. Wave ((ii)) pullback unfolded as a lesser diploma flat construction when wave (a) ended at 128.32 low, wave (b) ended at 128.94 excessive, and wave (c) ended at 128.33 low thus accomplished wave ((ii)) pullback.
Above from 128.33 low the rally in wave ((iii)) additionally unfolded in a 5 wave impulse sequence the place lesser diploma wave (i) ended at 129.51 excessive. Wave (ii) ended at 128.80 low, wave (iii) ended at 130.31 excessive, wave (iv) ended at 129.80 low, and wave (v) ended at 130.56 excessive. Down from there, the pullback to 129.78 low accomplished the wave ((iv)) pullback. Close to-term, so far as a pivot from 128.25 low stays intact then pair is predicted to increase greater in the direction of 131.23- 132.14 space greater earlier than it ends the cycle from 10/30/2020 low in wave (3) greater & enters right into a wave (4) pullback. We don’t suggest promoting the pair and anticipate dips to search out help in 3, 7, or 11 swings for additional upside.
EUR/JPY 1-hour Elliott Wave chart
EUR/JPY Elliott Wave video
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