The Elliott wave view in EURJPY suggests that the cycle from October 30, 2020 low is unfolding as an impulse structure and trading within wave (3) higher. While the short-term view suggests that the pullback to 3/24/2021 low (128.25) ended wave 4. Up from there, the rally higher is unfolding as an impulse structure where wave ((i)) ended at 128.86 high. Wave ((ii)) pullback unfolded as a lesser degree flat structure when wave (a) ended at 128.32 low, wave (b) ended at 128.94 high, and wave (c) ended at 128.33 low thus completed wave ((ii)) pullback.
Above from 128.33 low the rally in wave ((iii)) also unfolded in a 5 wave impulse sequence where lesser degree wave (i) ended at 129.51 high. Wave (ii) ended at 128.80 low, wave (iii) ended at 130.31 high, wave (iv) ended at 129.80 low, and wave (v) ended at 130.56 high. Down from there, the pullback to 129.78 low completed the wave ((iv)) pullback. Near-term, as far as a pivot from 128.25 low stays intact then pair is expected to extend higher towards 131.23- 132.14 area higher before it ends the cycle from 10/30/2020 low in wave (3) higher & enters into a wave (4) pullback. We don’t recommend selling the pair and expect dips to find support in 3, 7, or 11 swings for further upside.
EUR/JPY 1 hour Elliott Wave chart
