Elliott wave Analysis: EURJPY Aiming For 123.6/123.27 Possible Support Zone

Gregor Horvat Wavetraders

Hi traders,

Current sharp and firm drop on EURJPY can be a suggestion that a higher degree wave c) is in play with its five waves. At the moment sub-wave iii of c) can be ending, which can look for support and a turn into a corrective wave iv around the Fibonacci ratio of 200.0 or 261.8. The whole impulsive leg c) can later look for support and a bullish reversal around the 123.6/123.27 region, where we have the lower corrective channel line, and the equality measurement of waves a) and c).

EURJPY, 1h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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