EUR/JPY (W1) - Elliot Wave (b) Completion (Broadening Triangle)

Currently the price is endured on the EMA 100-weekly and area Double top -daily. EUR/JPY is rally recently and got benefit from the weakened DXY (as forecasted on the previous week during the pandemic) and safe haven (Japanese Yen) was not on demand due to optimism of re-opening the bussiness center on the beggining of June. However if you can see the possibilty of Elliot wave on time frame weekly, there is possibility of completion wave (b) will be formed soon and according to the technical history, there is double top area on EMA 100-weekly. may reverse the rally of EUR/JPY untill the retracement 61.8%-daily and potentially will form the broadening triangle and then reverse the downtrend for the long term.
Due to current correction on the wave (b), there may potential tension will rise between US & China just before the election of US President and may triggered the demand of Japanese Yen. Will the Hongkong status revocation rise again ?? and is there possibility tension on South China Sea rise again ??
will see the next upcoming issue!

Short: 122.37
SL : 123.48
TP: 117.58

Disclaimer On !