Short term EUR/JPY 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. This 5 wave move could be a wave A of an Elliott wave zigzag structure structure, where Minute wave ((i)) ended at 124.46 and Minute wave ((ii)) ended at 123.62. Minute wave ((iii)) ended at 127.84, Minute wave ((iv)) at 126.46 and Minute wave ((v)) of A ended at yesterday’s peak 128.84. Near term, while bounces remain below there expect the pair to pull back in larger degree 3, 7, or 11 swings to correct cycle from 6/15 low before the rally resumes again. We don’t like selling the Index and expect buyers to appear after 7 or 11 swings pull back for extension higher. This view remains valid as far as pivot at 6/15 low 122.35 remains intact.
EURJPY 1 Hour Elliott Wave Chart
(Click on image to enlarge)
Keep in mind that the market is dynamic and the view could change in the mean time. Success in trading requires adequate risk and money management, as is the understanding of Elliott Wave theory, cycle analysis, and correlation.
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