Hi Elliotticians.
Current corrective price movement on the hourly chart of EURJPY is a sign that market is in a pullback, and that prices may trade slower for a bit, before the upward price activity may resume.
A shallow correction can be underway, labelled as an W-X-Y move, which can find support at the lower parallel channel line. If price suddenly recovers in impulsive fashion and above the upper paralell channel line and later above the high at 137.57 level, then this would confirm a completed correction, and a bullish advance. However if price starts to trade lower then a deeper correction can be underway, and in that case support for the EURJPY pair can be seen at the Fib. ratio of 0.382 or 0.50 region.
Trade well.
Current corrective price movement on the hourly chart of EURJPY is a sign that market is in a pullback, and that prices may trade slower for a bit, before the upward price activity may resume.
A shallow correction can be underway, labelled as an W-X-Y move, which can find support at the lower parallel channel line. If price suddenly recovers in impulsive fashion and above the upper paralell channel line and later above the high at 137.57 level, then this would confirm a completed correction, and a bullish advance. However if price starts to trade lower then a deeper correction can be underway, and in that case support for the EURJPY pair can be seen at the Fib. ratio of 0.382 or 0.50 region.
Trade well.