EURJPY At Resistance - Elliott wave Analysis
Hi traders,
EURJPY made a five-wave drop from the highs, which we labelled as wave 1 as part of a new bearish cycle so more weakness will occur, but only after a pullback into wave 2 fully shows up. This pullback can unfold a simple A)-B)-C) correction, which can look for resistance and a bearish reversal near the 129.23/130.27 area. That said, a drop in minor five-waves will later indicate more weakness.
EURJPY made a five-wave drop from the highs, which we labelled as wave 1 as part of a new bearish cycle so more weakness will occur, but only after a pullback into wave 2 fully shows up. This pullback can unfold a simple A)-B)-C) correction, which can look for resistance and a bearish reversal near the 129.23/130.27 area. That said, a drop in minor five-waves will later indicate more weakness.
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CODE: bf30
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