EURJPY is in what seems to be a triangle consolidation. However it is unclear yet whether wave (e) is already in place or whether we are still correcting for wave (d) comparable to what we saw for wave (b).
Nevertheless, short term I expect to see a consolidation which should be followed by a bearish continuation. I will therefore be looking for a sell continuation trade on lower time frames.
Updates will follow
Komen
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Guys this post is premature but a reasonable alternative scenario. It is very clear to spot 3 waves higher from the June low which indicates that we are not in an impulsive reversal. A wave 'E' of a triangle often overshoots or undershoots, so that scenario is still very much possible. However if we see an acceleration higher from these levels I will be adjusting towards a W-X-Y consolidation. A wave 'Y' can't be motive and what I counted to be wave 'A' of the possible wave 'Y' shows three waves as well, which means that both scenario's respect all the rules. So keep an open mind, look for impulse consolidations either way.
Updates will follow.
Komen
Mr-Iaco
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Tim do you think that there is a similar scenario (wxy) also on usdjpy? because eur/jpy and usd/jpy are almost the same
TimStuyts
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@7TheWolf, the move below wave (ii) tells us that we only saw three waves higher from 112.5 zone. So for now the triangle scenario's are still leading for both USDJPY and EURJPY. However nothing is confirmed yet. I will update the Yen pairs later today.