EUR/JPY M30,H1,H4 & Daily Update

Area of 106.90 - 107.10 is now a strong technical resistance so for the price to bear it we will nees an impulsive wave.

On H4 chart EUR/JPY retaceted only 23% of the latest swing so this might indicates two things:
(1) Shallow correction for wave 2 and now strong impulsive wave 3 development: to continue with this scenario the price must develop in impulsive fashion to the upside, breaking the latest wave 1 high.
(2)It it just the begining of more time consuming correction in wave 2 ant this was just a first leg down. New low will confirm this scenario, new high will invalidate scenario. To support this view: there is untested level on daily chart that might be visited before price will make any new low.

 Waiting for breakout.

Take care,
Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-m30h1h4-daily-update.html

EUR/JPY M30,H1,H4 & Daily Update + TPI

Rationale:
Bull trend looks  intact and I'm looking to buy on dips until proven otherwise.

Right now it all depends which swing will be taken out first: new high proves that eur/jpy might be in strong wave 3 now and break below green line void the impoulsive count and more correction in shape of Irregular Flat might be expected.

Fibonacci Time Analysys is explained on chart.
No important harmonic patterns right now.

Entry:
IF NEW HIGH - Buy on dips to 107.67.
IN LINE BROKEN - Sell on test of 106.80, 106.20.

Take care,
Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-m30h1h4-daily-update-tpi.html

EUR/JPY M30,H1,H4 & Daily Update

Lower TF charts to show the re-labeled count as I think it fits better fight now. Some Fibo Price Clusters on chart and some important Fibo Expansion levels just where long term trend line is.

Still trying to pick up the top of wave (v): please notice the upcoming long term trend line resistance. Price should stall in that area and wave 2 correction should develop.


Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/11/eurjpy-m30h1h4-daily-update.html