Elliott wave view: Incomplete bullish sequence in EUR/JPY [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

EURJPY 45 Minutes chart below shows that the pair has ended the cycle from July 22 high in wave ((iv)) at 122.81 low. Up from wave ((iv)) low, the pair extended higher in wave (i), which ended at 123.87 high. The pullback in wave (ii) then ended at 122.98 low. The correction unfolded as a Flat Elliott Wave Structure. Afterwards, the pair resumed higher in wave (iii), which ended at 125.20 high. The subdivision of wave (iii) unfolded as a 5 waves impulsive Elliott Wave Structure. Wave (iv) pullback then ended at 123.96 low. Currently, wave (v) is in progress. It needs to break above wave (iii) high to confirm the next leg higher has already started. While above 122.81 low, the pair can still see a few more highs before ending a larger degree wave 1. Afterwards, it should pullback in wave 2 to correct cycle from June 22 low before the rally resumes again.

The recent rally in EURJPY has broken above June 5 high. The pair is now showing a bullish sequence against May 6 low. The 100-123.6% extension where the rally can potentially end is between 129.24-131.61 area. As long as June 22 low at 119.12 stays intact, expect the dips in 3,7 or 11 swings to find support for more upside in the near term targeting the equal leg area.

EUR/JPY 45 Minutes Elliott Wave Chart

EUR/JPY Elliott Wave Video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD flat lines around 1.1900; looks to US NFP report for fresh directional impetus

The EUR/USD pair is seen oscillating in a narrow trading band around the 1.1900 mark during the Asian session on Wednesday as traders opt to wait for the release of US monthly employment details before placing fresh directional bets.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold recovers to $5,050, focus shifts to US jobs data

Gold turns higher to test $5,050 in the Asian session on Wednesday. Traders assess whether Gold has found a floor following a historic sell-off. The delayed US employment report for January, which was pushed back due to the recently ended four-day government shutdown, will take center stage later on Wednesday.

Ethereum: Whales buy the dip amid rising short bets

Following one of Ethereum's largest weekly drawdowns, whales are slowly returning to action alongside a drop in retail selling pressure. After slightly selling into the decline at the start of the month, whales or wallets with a balance of 10K-100K ETH began buying the dip last Wednesday as prices crashed further.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.