The impulse wave from mid-April has covered more than 1600 Pips as the EURJPY gained more than 1600 Pips in the process. This article shows our expectation and forecast supporting more bullish move based on 11 September EURJPY Elliott wave analysis and forecast . What pattern is emerging to get in with the next big move?
According to Elliott wave theory, an impulse wave is a 5 non-overlapping wave which explains the progress of a trend within a particular time frame. This pattern can be seen on the minutes, hours, daily and even larger time frames. EURJPY has been advancing since mid June and we can see the shallow and narrow corrections. Seems price is about to complete another corrective pattern which buyers can take advantage of. This will come at price staying above 127.63 intraday support.
11 September EURJPY Elliott wave analysis and forecast
The chart below shows our latest wave count.
The bullish strength will continue to hold unless price breaks below 127.63 support. Price is in the 4th wave and a triangle pattern is emerging. Once the pattern is complete, a break upside is very likely to send price toward 135-137 zone. The chart below shows the triangle from the 1hr chart.
Once this pattern is complete as indicated above and break above 132, a move toward 135-137 is very likely.
Do you agree with this forecast/analysis?. Let’s know by your comments below.