EURJPY Set To Resume The Downtrend
Hi Traders,
The last time I wrote about EURJPY, it was about to break out of the ending diagonal pattern.
A few days later, the price has broken the pattern and trade lower sharply in what can be seen as the first wave of the impulse.
According to EW theory, an impulse is followed by a correction before the price resumes in the direction of the impulse.
So the recent rally can be seen as the correction and if it's completed, the price should trade lower below wave (i) in the days ahead.
What's your view on EURJPY? Let me know in the comment.
Thanks for reading!
The last time I wrote about EURJPY, it was about to break out of the ending diagonal pattern.
A few days later, the price has broken the pattern and trade lower sharply in what can be seen as the first wave of the impulse.
According to EW theory, an impulse is followed by a correction before the price resumes in the direction of the impulse.
So the recent rally can be seen as the correction and if it's completed, the price should trade lower below wave (i) in the days ahead.
What's your view on EURJPY? Let me know in the comment.
Thanks for reading!
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