? EUR/JPY Builds Contracting Triangle Pattern in Wave 4 ?

Hi traders,

The EUR/JPY is building a triangle chart pattern within a potential bearish wave 4 (green). The pattern seems to be part a bearish wave unless price breaks above the resistance trend lines (orange).

EUR/JPY

4 hour

The EUR/JPY is building a bearish ABC zigzag (blue) pattern and a bearish breakout could confirm the last wave 5 (green) in that structure. A new low could indicate the end of wave C (blue) of wave 4 (pink) and start a potential uptrend at the Fibonacci retracement levels.

Daily

The EUR/JPY could be completing an expanded WXY (purple) correction in wave 4 (pink) via an ABC (blue).

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Good trading,
Chris Svorcik
Elite CurrenSea

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