Currency Analyst since 2010

EUR/JPY: wave analysis

By Roman Petuchov

FXBAZOOKA.com - Weekly. The pair finished forming the strong upward impulse wave [a]. At the moment we are seeing a decline in the correction [b], which is expected to take the form of a double Three.

Daily. Wave (w) took the form of a simple wave plane. We see the beginning of construction of a correctional wave tie (x), next week the pair will continue its formation. To understand how this wave will develop take look at H4 chart. 

H4. Wave [5] of C of (w) is the final diagonal triangle. After its formation we saw growth in the wave (x), which, judging by the first waves, is taking form of a Zigzag with wave B as a wave plane. As the wave [b] of B gets significantly above the end of the impulse A, next week we may see very rapid growth in the impulse C. However, if this doesn’t happen, we’ll see sideways corrective movement, and the end of the wave B will be rescheduled.

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