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Elliott Wave View: EURJPY Rallying from Support Area

May 18, 2022 By

Short Term View in EURJPY suggests cycle from 04.21.2022 peak is completed as a 3 waves zig zag Elliott Wave Structure. Down from April 21 peak, wave (A) ended at 134.75 and rally in wave (B) ended at 138.32. Pair then resumes lower in wave (C) with internal subdivision as an impulse in lesser degree. Down from wave (B), wave 1 ended at 136.08 and pullback in wave 2 ended at 136.74. Pair then resumes lower in wave 3 towards 133.98, wave 4 ended at 134.48. Final wave 5 ended at 132.62 which completed wave (C) and wave ((2)).

Wave (C) reached 100% of wave (A) at 133.12, and began to rally in a new cycle. This new cycle is unfolded as a motive wave structure. Up from wave ((2)), wave ((i)) ended at 134.90, wave ((ii)) ended at 133.70. Then wave (i) in lesser degree ended at 135.05, wave (ii) ended at 134.11 and continue with the rally. Wave (iii) ended at 136.69 and currently we are forming wave (iv). After finishing wave (iv), pair should resume higher in wave (v) of ((iii)). Then we should see a new pullback as wave ((iv)) and higher again to complete wave ((v)) and wave 1 to finish the impulse. Near term, as far as pivot at 132.62 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.

EURJPY 60 Minutes Elliott Wave Chart

EURJPY Elliott Wave Video


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