EUR/JPY Builds Bearish ABC Correction in Wave 2

Chris Svorcik Elite CurrenSea

The EUR/JPY bullish bounce could indicate a potential wave 1-2 (pink) pattern. Price needs to break the resistance trend line (red) to confirm a bullish breakout within wave 3 (pink). Ps. do not forget to check out our upcoming 4x Forex seminars on trading in Europe!

EUR/JPY

Daily

EUR/JPY seems to be building a bearish pullback towards the Fibonacci retracement levels of wave 2 (pink). A break below the 100% Fibonacci level of wave 2 vs 1 (pink) would invalidate the wave 2 (pink) pattern.

4 hour

EUR/JPY seems to be completing a bearish ABC (purple) corrective pattern back to the Fibonacci levels of wave 2 (pink). A bullish reversal could take place at one of these Fibonacci levels as long as price stays above the support zone (blue box).

The analysis has been done with the CAMMACD.MTF template.

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Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

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