EURJPY Targets 2019 Highs
The EURJPY has been on bullish footing as of late. Since the 123.64 low of 3/27/2019 the Forex pair is up nearly 300 pips as of this printing. The current structure from the cycle low of 1/3/2019 supports this near term bullish thesis, but we see it overall as corrective. We are charting prices to push above a key pivot at the 127.50 high of 3/1/2019 soon.
The Current Elliott Wave Structure for EURJPY
From the 118.66 low of 1/3/2019, we are labeling ((W)), EURJPY moved higher in 3 waves to the 127.50 high of 3/1/2019. We are labeling that high a one lesser degree, wave (W). Afterwards another 3 waves is on the chart to the 123.64 low of 3/27/2019, wave (X). From there we look higher for another 3 wave affair for wave (Y) to finish the wave ((X)) above 127.50. Ideally this next wave reaches equality in length for (W)=(Y). If so, this projection places the target for the Forex pair at 132.50.
This structure we are projecting from the 118.66 low is an Elliott wave that labels as a “w-x-y”. This structure is also known by its distinctive 3-3-3 pattern as one denotes by a count of the subwaves within the internals of the overall correction.
EURJPY Current Elliott Wave View
Confirmation
We will not see confirmation of this analysis until we push above the 127.50 high. So, in the near term while price action remains above 123.64 we hold on to the view that EURJPY pushes toward its measured target. Will EURJPY reach 132.50? How will we know when and where to buy to catch some of this move? Want more in depth analysis of this Forex pair? Check our a of our Group 1 Services to receive full access to all updates.
Trade Safe Out There
James
