Somethings changing in the air for the EURJPY. We had 2 moves within this uptrend which confirmed to the red support line. In the first 2 blue boxes as drawn we have harmonic movements The first 2 moves did indeed hit their 2.00 extension while the third box has failed to make advances and it looks as though trend exhaustion is imminent.
As it currently stands the resistance line is still valid. We have a rising wedge forming, I have drawn a line in the middle of the wedge which appears to be showing some sideway resistance also, but this is yet to be confirmed properly
I also have applied Elliot Wave to this trend, and I've mapped out that the cycle has just hit its wave V (5), and i'm expecting an ABC correction to take place at some stage to the downside. I could really complicate the Elliot wave by drawing all the impulse and corrective waves within the main waves but I'll leave the fundamentals for you to do your independent analysis of the elliot wave to avoid overcrowding the chart.
As it currently stands the resistance line is still valid. We have a rising wedge forming, I have drawn a line in the middle of the wedge which appears to be showing some sideway resistance also, but this is yet to be confirmed properly
I also have applied Elliot Wave to this trend, and I've mapped out that the cycle has just hit its wave V (5), and i'm expecting an ABC correction to take place at some stage to the downside. I could really complicate the Elliot wave by drawing all the impulse and corrective waves within the main waves but I'll leave the fundamentals for you to do your independent analysis of the elliot wave to avoid overcrowding the chart.