The 45-minute chart for EUR/JPY indicates a promising long opportunity as the pair completes its corrective wave (4) and positions itself for the next impulsive move in wave (5). This setup aligns with the Elliott Wave theory, providing a structured roadmap for potential bullish targets.
Key Fibonacci Extension Targets:
0.618 Extension: 164.014
1.0 Extension: 166.236
1.618 Extension: 169.832
These Fibonacci levels offer potential resistance points where price action could either pause or reverse. The 1.618 extension is particularly significant as it often marks the exhaustion point of a wave, making it an ideal target for profit-taking.
Traders looking to capitalize on this setup should consider entering long positions as wave (5) begins to unfold, with a focus on managing risk as the price approaches these key levels.
Key Fibonacci Extension Targets:
0.618 Extension: 164.014
1.0 Extension: 166.236
1.618 Extension: 169.832
These Fibonacci levels offer potential resistance points where price action could either pause or reverse. The 1.618 extension is particularly significant as it often marks the exhaustion point of a wave, making it an ideal target for profit-taking.
Traders looking to capitalize on this setup should consider entering long positions as wave (5) begins to unfold, with a focus on managing risk as the price approaches these key levels.
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