Hello traders, today we will talk about EURJPY currency pair, which remains bullish based on recent price action from technical point of view and wave structure from Elliott wave perspective.
EURJPY is bullish, but it was slowing down for the last month, which we from Elliott wave perspective clearly see as an A-B-C correction within uptrend. With recent impulsive five-wave rebound and three-wave a-b-c correction, we may have a nice bullish setup formation that can send the price back to highs within a new five-wave bullish cycle.
From technical point of view, we remain bullish as long as the price is above 133.40 invalidation level, but to confirm a bullish resumption back to highs towards 145 – 150 area, it would be nice to see broken channel resistance lines. Keep in mind that bullish confirmation level is only above 142.30 region.
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