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EJ

EURPY Still BULLISH over the next weeks and months.While the new minor low today in EURJPY has forced a slight Elliot wave recount the longer-term outlook has not changed. YEN crosses are all bullish over the next weeks and months with EURJPY expected to rise to complete the final c (black backgrounded) of "e" of longer-term Monthly triangle (see link to MONTHLY count from 2007 to now below). It is notable that today there was a clear support and rise from where wave c (red backgrounded) of b (black backgrounded) is exactly 1.618 fibonacci times wave a (red backgrounded) as part of wave b (black backgrounded) of the final wave "e" of Monthly triangle count. Point is on the Monthly chart it is clear a new rise in c (black backgrounded) of "e" is needed to complete the final pattern of the Longer Term Monthly triangle. While today's low could be the final end of this current c (red backgrounded) of b (black backgrounded) of "e" of the triangle, it doesn't preclude another minor low but it doesn't need it. If today's low is "the end" then a 1:1 ratio of wave a (black backgrounded) to c (black grounded) of e (of longer term Monthly chart) would mean a target for EURJPY of around 130 to complete final wave "e" on the longer-term Monthly chart (again - check out link below). Longer-term charts are more powerful and another minor low or today's low being the end of the drop, either way for the next weeks and months I am highly bullish on the Yen crosses. Today's drop in the S&P looks to me as the final "v" of an ending diagonal of "C" in a corrective drop from the recent all time highs (a-b-c pattern) which would jive with the above bullish view on EURJPY.
Long
by cyrusgr8
2
EUR-JPY Pullback to a crucial area... After the bullish run of EJ last week it stopped at a crucial zone, my trend bias is still undecided, however, i am fairly confident that we will see EJ retrace to the zone in green (lower green box) before making its mind up whether its going to continue its break to the upside or crumble down in the downwards channel. The breakout last week could be a common case of market makers locking in long positions before they short against them. With that being said i would tread very carefully around the eurozone at the moment. The volatility in gold last week did not help yen pairs due to the correlation within yen and gold. I believe there is a good amount of pips to be made down to the green zone, if you are trading it i would make sure that you keep you stops tight and lock the profit in!
Short
by AshtonHunt