Our view on EURJPY, that we posted yesterday, startes to prove today. the pair has gained through the day almost 250 pips to the downside.
the formed bearish impulse has 5 wave structure. it means, that it's likely to be the first part of described in a previous post final bearish wave.
right now the price action is at the stage of retracement. EURJPY has already formed 3 microwaves to the upside, it's a good signal, that the retracement might have finished. this scenario is proved by the stochastic pattern @ 1 Hour chart. nevertheless, we should keep in mind, that the continuation of the retrace can be still possible.
sell orders can be open with the consequent stops at 123.8 and 124.5 and targets below 119.6
we'll try to determine the finish of wave 3 according to forex elliott system and make the target point more concrete, so stay tuned.
2 charts are in the signature link
the formed bearish impulse has 5 wave structure. it means, that it's likely to be the first part of described in a previous post final bearish wave.
right now the price action is at the stage of retracement. EURJPY has already formed 3 microwaves to the upside, it's a good signal, that the retracement might have finished. this scenario is proved by the stochastic pattern @ 1 Hour chart. nevertheless, we should keep in mind, that the continuation of the retrace can be still possible.
sell orders can be open with the consequent stops at 123.8 and 124.5 and targets below 119.6
we'll try to determine the finish of wave 3 according to forex elliott system and make the target point more concrete, so stay tuned.
2 charts are in the signature link
