Short term Elliott Wave view in EURJPY suggests that cycle from 3/12 peak (122.89) is unfolding as a double three Elliott wave structure where Minor wave W ended at 119.28 and Minor wave X ended at 120.45. Minor wave Y is in progress and the internal is unfolding also as a double three Elliott wave structure where Minute wave ((w)) ended at 117.38 and wave ((x)) bounce is in progress to correct cycle from 3/28 peak (120.445) towards 118.9 – 119.72 area before pair turns lower. As pair is showing a 5 swing bearish sequence from 3/12 peak as well as from 12/14/2016 peak, more downside is expected in the pair. We don’t like buying the proposed bounce and expect sellers to appear at the above area once wave ((x)) bounce is complete in 3, 7, or 11 swing provided that pivot at 3/28 high stays intact in the first degree.
EURJPY 1 Hour Elliott Wave Chart