EURJPY 5 Waves Impulsive Elliott Wave Rally Favors Upside

Short Term Elliott Wave in EURJPY suggests rally from 5.3.2024 is unfolding as a 5 waves impulse. Up from 5.3.2024 low, wave 1 ended at 170.798. Dips in wave 2 took the form of an expanded Flat Elliott Wave structure. Down from wave 1, wave (a) ended at 170.15 and wave (b) ended at 170.75. Wave (c) lower ended at 169.05 which completed wave ((a)) in higher degree. Up from there, wave ((b)) ended at 170.89 with internal subdivision as a zigzag. Final leg wave ((c)) lower ended at 167.93 in the form of an impulse. This also ended wave 2 pullback in higher degree.

Pair has started to turn higher in wave 3. Shor Term rally from wave 2 low looks to be a clear 5 waves impulsive structure, favoring further upside. Up from wave 2, wave (i) ended at 168.65 and pullback in wave (ii) ended at 168.21. Wave (iii) higher ended at 170, dips in wave (iv) ended at 169.5, and final leg wave (v) ended at 170 which completed wave ((i)). Near term, as far as it stays above 167.93, expect wave ((ii)) pullback to find support in 3, 7, or 11 swing for further upside.