EUR/JPY: What's next?

I'm almost sure EUR/JPY needs a correction.
The levels for corrective wave (4) are on charts.
Please notice that the most common wave (4) corrective pattern is a Triangle so there might be a lot of whipsaws ahead for this pair.

Take care,
Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-whats-next_14.html

EUR/JPY: What's next?

So far all correctiove movements were rather fast, shallow and did not last much in time, so it might be the time for some more complex and time consuming correction - but nothing is certain.

On chart there are two possible levels for wave 4 correction area, as discussed this morning.

Please notice that still the most probable corrective pattern of wave 4 is a triangle so buying the dips of EUR/JPY as along as orange recangle area is not broken down seems to be the way to trade this pair  for now.


Take care,

Seb

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

EUR/USD: What's next?

This wave progression does not look to me like ABC Expanded Flat Corrective pattern anymore: sub-wave C wave is too much expanded in relation to other waves. It "looks" more like wave 3 to be honest and this means EUR/USD will make a new high after wave 4 retracement. This is one of the possible scenarions I had posted here on Saturday update.

With the last move up EUR/USD passed through supply level and has hit 88.6%Fibo Ret level to the pip. There is no divergence on MACD or AO what indicates the momentum is strong and the up cycle has not been finished yet.

The first level to look for buying opportunity is 1.3018 area of technical support, WR1 and 38%Fib Ret. Nevertheless, it is possible for price to penetrate 50% FibRet area and previous wave 4 area but anything below that level is rather more bearish than bullish.

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurusd-whats-next.html