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Elliott Wave Forecast: EURJPY Has Resumed Higher

EURJPY broke above the previous high on 9.12.2022 and shows bullish sequence favoring further upside against 140.87 in the first degree. Up from 9.26.2022 low, wave 1 ended at 144.08 and dips in wave 2 ended at 140.87. The pair has resumed higher in wave 3 with internal subdivision as another 5 waves in lesser degree. Up from wave 2, wave ((i)) ended at 144.84 and dips in wave ((ii)) ended at 144.23. EURJPY then resumed higher again in wave ((iii)) as an impulse Elliott Wave structure.

Up from wave ((ii)), wave i of (i) ended at 145.08, and pullback in wave ii of (i) ended at 144.56. Pair resumes higher in wave iii of (i) towards 146.73, and pullback in wave iv of (i) ended at 146.19. Near term, we are calling one more high above wave iii to complete wave v of (i) before see a pullback in wave (ii). This wave (ii) should correct in 3, 7 or 11 swings and resumes higher again to continue with the rally in wave ((iii)). If it breaks below of wave ((ii)), then the whole rally from 140.87 low would be just wave ((i)) and the pullback is in wave ((ii)). The view for further upside is valid as we stay above 140.87.

EURJPY 60 Minutes Elliott Wave Chart

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