FX:EURJPY   Euro / Japanese Yen
I see EURJPY to have made a five wave structure and made an A wave.
I see the B wave forming and the moving average coming close to touching price action.
I expect to see a downwards move to around the 61.8% level.
Any advice or feeback is appreciated.
Thanks.
Comment: This has formed an ABC and it would be no surprise if the market was to fall.
Comment: Stops just above the top of (5) and targets at (A) if there begins to show signs of a reversal.
Comment: As with wave analysis, structures and views can change. An alternative I see is that the ABC is within the A wave which is drawn . This has finished at 38.2%. This is not uncommon to happen. To confirm either downside or upside a solid flag or stall of price must be provided for entry. At this point, I still believe downside is more likely due to the correction being so short (both in price and time) when compared to the five wave structure, however, if there is a flag which forms around where price is operating now then it would provide good entry for upside as wave 3 begins.
Comment: As time has gone on, it did fall as originally predicted, the B wave was an extended wave.
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