EUR/JPY: wave analysis
By Roman Petuchov
Weekly. This pair is in the global corrective wave. We can see Zigzag-like correction waves. After the construction of downward Zigzag, which is on the left side of the chart, the pair started forming a new upward Zigzag. The wave [a] is a powerful bullish trend that looks complete. In the coming months we expect to see the correction [b].
Daily. The pace of the movements has clearly slowed after the formation of a powerful wave [a]. Currently the pair is in a correction, which takes the form of a Double Three. Wave (w) looks complete, and in the near future we expect an increase in the correction wave (x).
H4. The pair formed the first upward Zigzag, which is part of the wave (x). In the near future we will see a slight increase in the impulse (5) of a, and then EUR/JPY will begin the construction of a downward correction b.