Forex Signals

EURJPY Advances in an Ending Diagonal Pattern


EURJPY, in its 2-hour chart, shows the completion of second bearish move corresponding to a wave ((b)) of Minute degree identified in black.

The short-term Elliott wave structure calls for the completion of a wave (c) labeled in blue, which corresponds to an Ending Diagonal pattern. At the same time, its internal sequence shows that the EURJPY cross moves in its fifth inner segment.


On the other hand, the expected weakness in the Japanese currency could be accompanied by the current risk-on sentiment in the stock market.

The next path after the bearish sequence completion, the cross should begin an upward sequence corresponding to wave ((c)) in black, which in our conservative scenario could reach the end of the second wave of Subminuette degree in green at level 117.942. 

The level that invalidates our bullish scenario locates at 116.247.


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By Eduardo Vargas

Eduardo Vargas is a technical analyst and independent trader based in Buenos Aires, Argentina. He is an Industrial Engineer and holds a Master in Finance degree. In 2008 began to trade Chilean stocks listed on IPSA. From 2013 started to trade CFDs on Forex, Commodities, Indices and ETFs markets. He analyses different markets combining the Elliott Wave analysis with Fibonacci tools. He provides a market mid-long-term vision.

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