EURJPY is turning sharply down in the 4-hour chart again, perfectly from projected resistance after we noticed a corrective rally in wave 4.
However, after recent bounce seems like EURJPY is forming a bearish triangle pattern, so we may see a sideways consolidation, but still be aware of a bearish continuation for the final wave 5 of C) before it finds the support.
EUR/JPY 4h Elliott Wave Analysis
CADJPY is turning sharply down from the highs on a daily chart, which suggests that a five-wave cycle is completed. So, we are now tracking a three-wave A-B-C correction that can send the price at least back to 38,2% Fibonacci retracement and to the former wave 4 support. Currently seems to be wave B still in progress and once it’s fully finished, be aware of another wave C decline.
Gregor is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that, he was working for Capital Forex Group and TheLFB.com.
