A look at the EURJPY from then to now.
Over the longer term EUROYEN is in a large , slightly upward, parallel channel.
The possible wave count is
1. Primary C wave
2. Intermediate 3rd wave
3. Minor 2nd wave
So I see the pair within this minor correction. The possibilities are
1. Running Flat Correction - with possible C wave completion and price rising into the 3rd minor wave.
2. Regular Flat Correction - with C wave completing at 122.50 , before a commencement of 3rd minor wave.
3. Irregular Flat Correction - with C wave moving down towards the .5 - . 618 fib of wave 1( @ 119 - 120)
Take your pick.
Either way , price will likely eclipse wave 1. Beyond 126 I am long.
Over the longer term EUROYEN is in a large , slightly upward, parallel channel.
The possible wave count is
1. Primary C wave
2. Intermediate 3rd wave
3. Minor 2nd wave
So I see the pair within this minor correction. The possibilities are
1. Running Flat Correction - with possible C wave completion and price rising into the 3rd minor wave.
2. Regular Flat Correction - with C wave completing at 122.50 , before a commencement of 3rd minor wave.
3. Irregular Flat Correction - with C wave moving down towards the .5 - . 618 fib of wave 1( @ 119 - 120)
Take your pick.
Either way , price will likely eclipse wave 1. Beyond 126 I am long.