The sharp drop in
EURJPY EURJPY EURJPY EURJPY from July to August 2024 appears to be a classic impulse wave A. Since then, the pair has entered a consolidation phase — most likely forming a triangle as part of a corrective wave B.🔍 Key observations:
Volume is evenly distributed, with the POC sitting near the current price levels.
Volatility continues to compress, increasing the likelihood of a breakout once the triangle structure completes.
The 0.5–0.618 Fibonacci retracement zone of wave A (around 161.50–164.00) is the most probable area for wave B to top out.
📉 Once this consolidation is complete, the pair is expected to move into wave C, potentially targeting 147.00–154.00.
⚠️ This scenario remains the base case as long as the price action holds within the corrective structure. Watch for a rejection near the upper boundary — a short setup may be on the horizon.
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