EURJPY Long term outlook; its about to start the trend?
weekly view of EURJPY
it seems that zigzag type of correction has been ended.
now price is on 50% of retracement fib and 127.2% of fib ext.
break out of the black trend line is an indication of an impulsive move to upside.
note the divergence.
but keep all possible scenarios in mind; this zigzag can be just wave A of a bigger correction pattern like WXY or WXYXZ.
it seems that zigzag type of correction has been ended.
now price is on 50% of retracement fib and 127.2% of fib ext.
break out of the black trend line is an indication of an impulsive move to upside.
note the divergence.
but keep all possible scenarios in mind; this zigzag can be just wave A of a bigger correction pattern like WXY or WXYXZ.
Nota
240 min view
Nota
purple scenario is more likely to happen, because its not move impulsive and it seems that developing as double zigzagNota
here is 2 different labeling on EURJPY; both suggest that the downtrend corrective phase is about to end...
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