Short term Elliott Wave View in EURJPY suggests the rally from October 30 low is unfolding as a 5 waves impulsive Elliott Wave structure. Up from October 30 low, wave ((i)) ended at 125.13, and pullback in wave ((ii)) ended at 122.81. Wave (((iii)) is now in progress and the internal subdivides in another 5 waves in lesser degree. Up from wave ((ii)) low at 122.81, wave i ended at 123.48 and wave ii ended at 122.93.
Pair resumed higher in wave iii towards 124.5, wave iv ended at 124.11, and wave v ended at 124.57. This completed wave (i) in higher degree. Pullback in wave (ii) ended at 123.87. Up from there, wave i ended at 125.13 and wave ii pullback ended at 124.34. Expect pair to continue higher in wave iii, pullback in wave iv, then extend higher again in wave v. As far as pivot at 123.86 low stays intact, expect dips to continue finding support in 3, 7, or 11 swing for further upside. If pair is able to break above September 1 high (127.07), it will create a bullish sequence from May 6 low, favoring further upside.
EURJPY 60 Minutes Elliott Wave Chart
