EUR/JPY: Elliott Wave Analysis

Hi traders,

EUR/JPY made a sharp decline today, which we labelled as part of a higher degree wave iii), that can take price towards the 125.00/124.60 region in upcoming sessions. At the moment we see minor black leg iii of three in play, which can once fully developed, push price into a minor corrective wave iv. This wave iv can later look for resistance and a bearish reversal near the 125.4/125.79 region, where the lower base channel line can react as a turning point.


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