Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of EURJPY published in members area of the website. As our members know, the pair is showing impulsive bullish sequences that are calling for further strength. Our team recommended members to avoid selling , while keep favoring the long side. Recently we got correction that reached our buying zone. The pair found buyers and made reaction from the blue box as expected. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.
EURJPY Elliott Wave 1 Hour Chart 11.21.2023
The pair is giving us wave (iv)) pull back that is unfolding as Double Three pattern. The price has reached extreme zone at 161.4-160.07 ( Blue Box – Buyers Zone). We don’t recommend selling the pair and prefer the long side from the blue box- equal legs zone. As the main trend is bullish , we expect to see at least 3 waves bounce from our buying zone. Once bounce reaches 50 Fibs against the (x) blue high , we will make long position risk free ( put SL at BE) and take partial profits. Invalidation for the long trades is break of 1.618 fib ext : 160.07
Quick reminder:
Our charts are easy to trade and understand:
Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable. 🚫
You can learn more about Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.
EURJPY Elliott Wave 1 Hour Chart 11.22.2023
The pair found buyers right at the Blue Box area : 161.4-160.07. Pull back completed at the 161.21 low and we are getting good reaction from the buying zone. Bounce reached and exceeded 50 fibs against the connector’s high. So members who took the long trade are enjoying profits now in a risk free positions. While above 161.21 low, next leg up could be in progress toward new highs.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room
Source: https://elliottwave-forecast.com/trading/eurjpy-buying-dips-blue-box-area/