EURJPY Elliott Wave Analysis: Calling For More Weakness

Hello Traders,

EURJPY ended the cycle from 09/25 peak at 10/26 low (126.652) in red wave W. Above from there it ended red wave X bounce at 129.2616 peak as a tringle structure. From there it already broke to new lows confirming that the next extension lower has started.

Near-term from 12/13 peak (129.2616) it ended that cycle at 12/25 low (125.329) in black wave ((a)). It is the first leg lower as a potential ZigZag structure (5-3-5).

The internals of that move unfolded in a 5 waves move, where it ended blue wave (i) at 127.5949, blue wave (ii) bounce at 128.3948 peak. Below from there it ended blue wave (iii) at 126.05 low. Above from there blue wave (iv) bounce ended at 126.7768. And below from there it ended blue wave (v) of black wave ((a)) at 125.329 low.

Above from 125.329 low the pair is correcting the cycle from 12/13 peak in the sequences of 3-7 or 11 swings in black wave ((b)) before more downside should be seen. As long as the pivot at 129.2616 stays intact EURJPY should ideally extend lower again.