Rally from 2.1.2024 low is in progress as a 5 waves impulse Elliott Wave structure. Up from 2.1.2024 low, wave (i) ended at 159.14 and pullback in wave (ii) ended at 158.31. Pair extended higher in wave (iii) towards 159.92, and dips in wave (iv) ended at 159.36. Wave (v) higher ended at 160.26 which completed wave ((i)). Pair then pulled back in wave ((ii)) with internal subdivision as a zigzag structure. Down from wave ((i)), wave (a) ended at 159.32, wave (b) ended at 159.86, and wave (c ) lower ended at 158.89. This completed wave ((ii)) in higher degree.

Pair extended higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 159.73 and pullback in wave (ii) ended at 159.04. Pair extended higher in wave (iii) towards 160.99 and pullback in wave (iv) ended at 160.75. Final leg wave (v) ended at 161.26 which ccompleted wave ((iii)). Dips in wave ((iv)) ended at 160.36. Wave ((v)) is now in progress as a diagonal. Up from wave ((iv)), wave (i) ended at 161.63 and dips in wave (ii) ended at 160.9. Wave (iii) ended at 161.64 and pullback in wave (iv) ended at 161.32. Expect wave (v) to end soon which should complete wave ((v)) of 1 in higher degree.

Afterwards, pair should pullback in wave 2 to correct cycle from 2.1.2024 low in 3, 7, 11 swing before it resumes higher. Near term, as far as pivot at 158.09 low stays intact, dips should find support in 3, 7, 11 swing for further upside.

EURJPY 60 Minutes Elliott Wave Chart

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