Elliott Wave Theory Suggests EURJPY Remains Bullish

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The short-term Elliott Wave view in EURJPY suggests that the rally to 165.35 ended wave 3. Wave 4 pullback unfolded as a double three Elliott Wave structure. Down from wave 3, wave ((w)) ended at 162.59, and wave ((x)) ended at 165.17. Down from there, wave (w) ended at 163.85, and wave (x) ended at 164.69. Wave (y) lower ended at 162.26 which completed wave ((y)) of 4 in higher degree. The pair have turned higher in wave 5.

Up from wave 4, wave (i) ended at 163.15, and wave (ii) dips ended at 162.62. Wave (iii) higher ended at 164.12, wave (iv) ended at 163.79, and wave (v) ended at 164.43 which completes wave ((i)). Pair then pullback in wave ((ii)) towards 163.6. Pair has resumed higher again afterward in wave ((iii)). Up from wave ((ii)), wave i ended at 164.25, and wave ii ended at 163.66. Wave iii ended at 164.67 and wave iv ended at 163.69. Expect wave v to end soon which should complete wave (i). The pair should then pull back in wave (ii) to correct the cycle from 4.15.2024 low before it resumes higher. Near term, as far as the pivot at 162.26 low stays intact, expect the pair to find buyers in any dip in the 3, 7, and 11 swing for further upside.

EURJPY 45 Minutes Elliott Wave Chart

EURJPY Elliott Wave Chart

EURJPY Elliott Wave Video

Video length: 00:08:33

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Disclaimer: Futures, options, and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for ...

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