EUR/JPY Shows Strong Continuation of Bullish Trend

2 min read

1Hr Chart Wave Count:

Let us start with the EUR/JPY on the 1Hr chart. The EUR/JPY is in a wave 5 green. We are expecting the wave 5 to be long enough to confirm the wave iii (Pink) on daily chart. Wave 4 green bounced at 23.6% Fib which suggests that the bullish trend is strong.

1Hr Major Cycle = Green Wave Count

1Hr Minor Cycle = Black Wave Count

1Hr Minutte Cycle = Purple Wave Count

Invalidation on 1Hr wave count is at 127.99. 

 

Daily Chart Wave Count:

On Daily Chart EUR/JPY is in wave (iii) Pink.  The EUR/JPY chart is showing that price is strongly bullish at this point of time.

Daily Chart Major Cycle = Purple Wave Count

Daily Chart Minor Cycle = Pink Wave Count

Daily Chart Minutte Cycle = Black Wave Count

 

Weekly Chart Wave Count:

The EUR/JPY pair is in bullish tone on weekly chart as well. Wave 2/A (Green) ended just between 61.8% and 78.6% level. At the moment price is in the formation of wave (iii) Black.

Weekly Chart Major Cycle = Green Wave Count

Weekly Chart Minor Cycle = Purple Wave Count

Weekly Chart Minutte Cycle = Black Wave Count

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