EURJPY shows an impulsive Elliott Wave structure from July 1, 2019 high (123.36). On the chart below, wave ((iii)) of that impulse ended at 116.5 and wave ((iv)) bounce ended at 118.2. The internal of wave (iv) unfolded as a zigzag structure. Wave (a) ended at 117.77, wave (b) ended at 117.18, and wave (c) of ((iv)) ended at 118.19. Pair has resumed lower in wave ((v)) with the internal unfolding as an impulse Elliott Wave structure of lesser degree.
Down from 118.2, wave i ended at 117.05, wave ii bounce ended at 117.94, wave iii ended at 116.35, and wave iv bounce ended at 116.7. Wave v is expected to end soon and pair should complete wave (i) of ((v)) in higher degree. Pair should then bounce in wave (ii) to correct cycle from August 26 high (118.2) before the decline resumes. We don’t like buying the proposed bounce and expect bounce to fail in 3, 7, or 11 swing as far as pivot at 118.2 high stays intact.
EUR/JPY 1 Hour Elliott Wave Chart
