Short term Elliott Wave view in EURJPY suggests that rally to 165.35 ended wave 3. Wave 4 pullback unfolded as a double three Elliott Wave structure. Down from wave 3, wave ((w)) ended at 162.59 and wave ((x)) ended at 165.17. Down from there, wave (w) ended at 163.85 and wave (x) ended at 164.69. Wave (y) lower ended at 162.26 which completed wave ((y)) of 4 in higher degree. Pair has turned higher in wave 5.
Up from wave 4, wave (i) ended at 163.15 and wave (ii) dips ended at 162.62. Wave (iii) higher ended at 164.12, wave (iv) ended at 163.79, and wave (v) ended at 164.43 which complete wave ((i)). Pair then pullback in wave ((ii)) towards 163.6. Pair has resumed higher again afterwards in wave ((iii)). Up from wave ((ii)), wave i ended at 164.25 and wave ii ended at 163.66. Wave iii ended at 164.67 and wave iv ended at 163.69. Expect wave v to end soon which should complete wave (i). Pair should then pullback in wave (ii) to correct cycle from 4.15.2024 low before it resumes higher. Near term, as far as pivot at 162.26 low stays intact, expect pair to find buyers in any dip in 3, 7, 11 swing for further upside.
EURJPY 45 Minutes Elliott Wave Chart
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