EURJPY is like all the YEN pairs at an interesting point. Follow me to receive future updates with detailed Elliott wave analysis.
I expect Wave C to make a fake breakout to the downside out of the rectangle. After this market should continue to strive for new highs.
- EURJPY made higher highs and higher lows over the last months and weeks and formed a 5-waved motive wave
- After this significant move to the upside we got a ABC correction, which is a bigger wave A
- At the moment we are at the end of the bigger Wave B, which is a flat, or slightly extended flat correction
- The next push will be wave C to the downside
- The turquoise rectangle represents the weekly mother bar, have a look at the picture below
I expect Wave C to make a fake breakout to the downside out of the rectangle. After this market should continue to strive for new highs.
