EURJPY Wave Analysis

14 Jan 2020

EURJPY is like all the YEN pairs at an interesting point. Follow me to receive future updates with detailed Elliott wave analysis.

• EURJPY made higher highs and higher lows over the last months and weeks and formed a 5-waved motive wave
  
• After this significant move to the upside we got a ABC correction, which is a bigger wave A
  
• At the moment we are at the end of the bigger Wave B, which is a flat, or slightly extended flat correction
  
  
• The next push will be wave C to the downside
  
• The turquoise rectangle represents the weekly mother bar, have a look at the picture below
  

I expect Wave C to make a fake breakout to the downside out of the rectangle. After this market should continue to strive for new highs.