EURJPY Bear Flag And ABC Pattern In Final Wave-E

EUR/JPY

4 hour

The EUR/JPY is building a bear flag chart pattern which could indicate a continuation lower if price manages to break below the pattern.

The EUR/JPY could be aiming for the Fibonacci levels of wave E vs D which could act as support zones and potential bouncing spots.

Daily

EUR/JPY could have completed a large corrective triangle chart pattern. Price could now be building a wave E (purple) as long as price stays above the previous bottom of wave C (purple). A break below that support would invalidate it whereas a bullish break could confirm a continuation.

Weekly

The EUR/JPY is probably in a wave 4 correction (pink) as long as price stays above the support zone (blue). A break below the support would invalidate this particular wave pattern.