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EURJPY Elliott Wave Analysis: Bullish Against 123.6

Summary

EURJPY shows 5 swing sequence from 6/15 low (122.35).

While near term dips stay above 123.62, expect pair to extend higher

We don't like selling it

Short term EURJPY Elliott Wave view suggests the decline to 122.35 on 6/15 low ended Intermediate wave (X). Rally from there is unfolding as a double three Elliott Wave structure where Minute wave ((W)) ended at 124.46 and Minute wave ((X)) ended at 123.62. Minute wave ((Y)) is in progress and also unfolding as a double three. Near term focus is on 125.42 – 125.68 to complete Minutte wave (W) of ((Y)). Afterwards, pair should pullback in Minutte wave (X) of ((Y)) in 3, 7, or 11 swing before turning higher again, provided pivot at 123.6 low stays intact. We don’t like selling the pair.

EURJPY 1 Hour Elliott Wave Chart