Elliott Wave Analysis: EURJPY In A Correction

Technical analysis of Forex market

EURJPY made a five-wave recovery within higher degree wave A), which looks to have found its top at the 130.19 level, from where a sharp drop occured. This drop can now be part of a hgiher degree corrective wave B), that is unfolding its minor three legs. We see curently sub-wave A in play, that can look for support and a bouce into the following sub-wave B at the 129.19 level, level of a former swing low. That being said, higher degree wave B) pullback can look for a base near the 128.78 area, and later aim for higher levels, above the 130.19 into wave C).


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