? EUR/JPY Bearish Pullback Testing 61.8% Fibonacci Support ?

3 min read

Hi traders,

the EUR/JPY made a bullish reversal at the deep 78.6% Fibonacci retracement level. Could this be the start of a new uptrend for an impulsive wave 3?

Join ecs.LIVE – our premium channel with live webinars, analysis, and setups – with our special summer offer this week till Friday 21 June 11:59pm EST and get more than 500 euro in extra freebies!

EUR/JPY

Daily

The EUR/JPY needs a break above the resistance trend line (dark red) to confirm the bullish reversal whereas a break below the bottom (blue box) and 100% Fibonacci level invalidates the current wave 1-2 pattern (pink). For a larger uptrend to be confirmed, price needs to break above the other resistance lines (red).

4 hour

The EUR/JPY seems to have completed 5 waves up (blue) within a bullish channel. The break below the support (blue) of the channel could indicate a bearish retracement and possible wave 2 (purple) pattern as long as price stays above the 100% Fib of wave 2 vs 1. A breakout above the resistance (red) line is likely to end the wave 2 correction and could start an impulsive wave 3 (purple) pattern towards the Fibonacci levels of wave 3 vs 1.

For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.

Good trading,
Chris Svorcik
Elite CurrenSea

Leave a Reply

avatar

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
Notify of