EURJPY Testing the Last Crucial Threshold
The price action of the EURJPY pair is currently probing the 23.6 per cent Fibonacci retracement level at 128.593. A potential breakdown below this threshold would mean that the broader downtrend is ready to continue diving lower. The next target would be the previous swing low at 128.000, which bears psychological importance. However, a potential rebound from 128.593 could be followed by another pullback to the 38.2 per cent Fibonacci at 129.004.
As can be seen, the price action is currently in the process of developing several scalable 1-5 impulse wave patterns, as postulated by the Elliott Wave Theory. That is why a potential breakdown below the 23.6 per cent Fibonacci would underpin the development of the second impulse leg (2-3) of the broader Elliott structure.
Bears looking to join the market can wait and see whether the current 4H candle closes below this make-it-or-break-it barrier before they place any trades.
As can be seen, the price action is currently in the process of developing several scalable 1-5 impulse wave patterns, as postulated by the Elliott Wave Theory. That is why a potential breakdown below the 23.6 per cent Fibonacci would underpin the development of the second impulse leg (2-3) of the broader Elliott structure.
Bears looking to join the market can wait and see whether the current 4H candle closes below this make-it-or-break-it barrier before they place any trades.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.