EUR/JPY in a bearish drop, targeting 116.0/115.5 region - Elliott wave analysis

Gregor Horvat Wavetraders

Hi traders,

EURJPY can be trading in a bigger, three-wave A-B-C move for a leg Y of a bigger wave E), down from March 2019 and can now be unfolding start of an impulsive leg C. We can see a sharp drop which started at the 122.86 level after the completion of a W)-X)-Y) correction within the B leg. That said, wave C is an impulse and can target the 116.0/115.5 region in upcoming sessions, however be aware of temporary pullbacks.

EUR/JPY, daily

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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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