Timeframe: 1h
The EURJPY chart is currently displaying a complex Elliott Wave correction, specifically unfolding as a W-X-Y pattern. Price action is consolidating between the 100 EMA, which acts as short-term resistance, and the 200 EMA, providing dynamic support. This structure indicates that the pair is likely completing the final C wave of the Y leg, with a potential decline toward the 160.00 area before a bullish reversal is expected.
Once wave C of (Y) completes, traders can anticipate a bullish move targeting 162.665 – 163.100 – 163.300+. A breakout above the corrective channel would further confirm the bullish trend and signal a continuation beyond wave (X), offering clearer momentum and potential for extended upside movement.
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Let’s see if the breakout happens.
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