? EUR/JPY Builds Bearish ABC Correction in Wave 2 ?

2 min read

Hi traders,

the EUR/JPY bullish bounce could indicate a potential wave 1-2 (pink) pattern. Price needs to break the resistance trend line (red) to confirm a bullish breakout within wave 3 (pink). Ps. do not forget to check out our upcoming 4x Forex seminars on trading in Europe!

EUR/JPY

Daily

EUR/JPY seems to be building a bearish pullback towards the Fibonacci retracement levels of wave 2 (pink). A break below the 100% Fibonacci level of wave 2 vs 1 (pink) would invalidate the wave 2 (pink) pattern.

4 hour

EUR/JPY seems to be completing a bearish ABC (purple) corrective pattern back to the Fibonacci levels of wave 2 (pink). A bullish reversal could take place at one of these Fibonacci levels as long as price stays above the support zone (blue box).

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Good trading,
Chris Svorcik
Elite CurrenSea

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