EUR/JPY found buyers after three waves pull back

Elliott Wave Forecast Team ElliottWave-Forecast.com

In this technical article we’re going to take a quick look at the Elliott Wave charts of EURJPY, published in members area of the website. As many of you already know, we’ve been leaning towards long positions in YEN pairs. EURJPY recently pulled back in a 3-wave pattern, with buyers stepping in right at the equal legs zone. Let’s break down our Elliott Wave forecast further in this article.

EUR/JPY four-hour weekend update 04.13.2024

The current view suggests that the EURJPY pair is undergoing a 4 red pullback, which is correcting the cycle from the 160.229 low. This pullback appears to be forming an Elliott Wave Flat pattern. Notably, the price has already reached the extreme zone within the range of 162.397-160.685. We anticipate potential buyer activity in this area, which could lead to a further rally towards new highs, or at the very least, trigger a three-wave bounce.

EUR/JPY four-hour update 04.16.2024

EURJPY has shown a favorable response from the Equal Legs-Buyers zone, as anticipated. We consider the wave 4 red pullback completed at the 162.2428 low. Confirmation of the next leg up will come with a break of the 3 red peak. We advise against selling the pair during any suggested pullback and favor the long side.

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.