Trader, analyst and instructor with a 6-year experience

EUR/JPY: weekly wave analysis

Roman Petuchov

Weekly. The market keeps on developping the global descending zigzag [a]-[b]-[c]. Currently we are forming the final part of the ascending impulse [a]. 

Daily. After a complicated and long corrective wave (IV) we've seen a new strong impulse (V) that will soon be over. Let's see the details on the H4 chart. 

H4. We see that the impulse (V) is full of the smaller waves. In the near term we'll likely see a corrective or impulse move. In the current conditions buying is not recommended. 

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