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EURJPY Elliott Wave Analysis: More Downside Expected

EURJPY short-term Elliott wave analysis suggests that the decline to 129.13 low ended Minor wave A. The internals of that decline unfolded in 5 waves impulse structure in a lesser degree cycle. Thus suggests that the pair can be doing a Zigzag correction lower. Up from there, a bounce to 130.18 high ended Minor wave B bounce as a Flat correction where Minute wave ((a)) ended in 3 swings at 130.30. A decline to 128.32 low ended 3 waves in Minute wave ((b)). Then a rally to 130.18 high ended 5 waves in Minute wave ((c)) & also completed Minor wave B bounce. Down from there, Minor wave C remain in progress & has managed to make a new low below 128.32 low confirming the next extension lower. Where Minute wave ((i)) of C ended in lesser degree 5 waves at 128.22 low. Up from there, pair is doing a 3 wave bounce in Minute wave ((ii)) of C towards 129.64-129.84 area. Then as far as a pivot from 130.18 high stays intact pair is expected to fail for more downside. We don’t like buying it and prefer more downside against 130.18 high.

EURJPY 1 Hour Elliott Wave Chart

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