EUR/JPY: wave analysis
by Roman Petukhov
Weekly. Construction of a global upward zigzag continues. The last section is marked by the formation of a corrective wave [b], the development of which is to continue in the coming months. Let us consider its markup in detail.
Daily. At present, the first downward impulse (a) is being formed. After its completion, development of a new upward correction (b) will begin. Let us look at the markup of wave (a) closer.
H4. The first three waves of the downward impulse have been formed. The last section was marked by a start of a horizontal correction [iv] construction; the upcoming week is expected to bring development of a side flat, as shown roughtly in the chart. After full completion of this horizontal correction, the pair's decline will continue within wave [v].