This EUR/JPY daily chart shows an Elliott Wave analysis, suggesting a possible bearish continuation. The current wave structure indicates the pair is moving through the final phase of a five-wave impulsive sequence.
The market has completed three waves of a larger impulsive cycle, with Wave (4)
The price movement between Wave (2) and Wave (4) shows a pause or slowdown after going up. This means the buyers are losing strength, and the price may soon start to fall
If the price gets rejected near 162.900, it could confirm further downside.
If it breaks below the 159.674 level, it may speed up the decline, with a possible target around 155.526 level.
The market has completed three waves of a larger impulsive cycle, with Wave (4)
The price movement between Wave (2) and Wave (4) shows a pause or slowdown after going up. This means the buyers are losing strength, and the price may soon start to fall
If the price gets rejected near 162.900, it could confirm further downside.
If it breaks below the 159.674 level, it may speed up the decline, with a possible target around 155.526 level.
Trade active
Breakout of wave 4 will make new high!Trade closed: target reached
1st TP Done - 159.674
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Disclaimer
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We're about to hit 2,000 followers on TradingView! 🚀
Special discount on our pricing plans! 🎉 - t.me/moneydictators
For Premium Research and Elliott wave Guidance: t.me/warlockmd
Special discount on our pricing plans! 🎉 - t.me/moneydictators
For Premium Research and Elliott wave Guidance: t.me/warlockmd
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.