EUR/JPY: wave analysis
Weekly. The pair keeps forming the correctionalmodel[b],the construction ofwhichbegan after thecompletion of a powerfulupward impulse[a].At the moment,it is assumedthat thewave [b]will take the formof a double three.
Daily. Wave (w) in the form of a wave plane is complete. At the moment EUR/JPY is forming the correctional wave bundle (x). After its completion will the pair will begin constructing a new downward wave (y). Consider the details of the markup to clarify the point of reversal.
H4. Wave (x) is taking form of a simple wave plane with upward impulse C of (x). At present EUR/JPY is forming a small downward correction [iv], which is nearly completed. In the near future we will see an upward impulse [v]. The pair will renew the high, and then trend may reverse.