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Elliott Wave Analysis: EURJPY Update


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Good morning traders,
Nikkei moved sharply to the upside again, but no follow through on XXX/JPY crosses, which are actually looking bearish at the moment. We see USDJPY turning back below 112.00 which makes strong decline on EURJPY if we consider that EURUSD is trading into a downward correction. EURJPY is seen in wave C) now, a third leg of decline that may drop down to 130.50/131.00 area next week as corrective bounce from Sep 26 low appears completed. I will keep an eye on wave 2 rally on Monday, if price will stay above wave A)/1) swing for now.

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EURJPY, 1H

eurjpy, 1h

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About the author


Grega Horvat

 

 

  • Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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