🕐 Timeframe: 1H
📅 Updated: 17 May 2025
📌 Pair: EURJPY
⸻
🔍 Technical Outlook:
• Price is in a clear bearish trend, respecting lower highs and lower lows.
• Awesome Oscillator (AO) shows bearish convergence — momentum is weakening but still bearish overall.
• Price retraced to the 2.618–2.786 extension zone (162.902–162.982), a common wave 4 reaction level.
• This zone may act as a rejection area, setting up for the start of wave 5.
⸻
🔧 Elliott Wave Structure:
• ✅ Wave 1–3: Completed with strong bearish momentum.
• 🟡 Wave 4: Likely completed at 162.982 or may slightly extend, but momentum is fading.
• 🔴 Wave 5: Expected next move — continuation to the downside.
⸻
📍 Key Levels:
• 🔺 Wave 4 Resistance Zone: 162.902–162.982
• 🔻 Potential Wave 5 Target:
• 🎯 TP1: 162.000
• 🎯 TP2: 161.835 (Fib 4.236 extension)
• 🎯 TP3 (Extension): 161.50 or lower if selling accelerates
⸻
🧠 Strategy:
1. Monitor price action at 162.982 — if rejected, likely wave 4 completed.
2. Look for bearish engulfing / momentum candles for entry signal.
3. Short Setup Idea:
• Entry: Below 162.88–162.90 after confirmation
• SL: Above wave 4 high (163.12 or tighter at 163.00)
• TP: 100+ pip potential — trailing to lock profit
⸻
✅ Summary:
• AO confirms bearish convergence → weak momentum
• Price hit Fib confluence zone → wave 4 likely done
• Wave 5 could give 100+ pips to the downside
• Wait for confirmation, then short the breakdown
📅 Updated: 17 May 2025
📌 Pair: EURJPY
⸻
🔍 Technical Outlook:
• Price is in a clear bearish trend, respecting lower highs and lower lows.
• Awesome Oscillator (AO) shows bearish convergence — momentum is weakening but still bearish overall.
• Price retraced to the 2.618–2.786 extension zone (162.902–162.982), a common wave 4 reaction level.
• This zone may act as a rejection area, setting up for the start of wave 5.
⸻
🔧 Elliott Wave Structure:
• ✅ Wave 1–3: Completed with strong bearish momentum.
• 🟡 Wave 4: Likely completed at 162.982 or may slightly extend, but momentum is fading.
• 🔴 Wave 5: Expected next move — continuation to the downside.
⸻
📍 Key Levels:
• 🔺 Wave 4 Resistance Zone: 162.902–162.982
• 🔻 Potential Wave 5 Target:
• 🎯 TP1: 162.000
• 🎯 TP2: 161.835 (Fib 4.236 extension)
• 🎯 TP3 (Extension): 161.50 or lower if selling accelerates
⸻
🧠 Strategy:
1. Monitor price action at 162.982 — if rejected, likely wave 4 completed.
2. Look for bearish engulfing / momentum candles for entry signal.
3. Short Setup Idea:
• Entry: Below 162.88–162.90 after confirmation
• SL: Above wave 4 high (163.12 or tighter at 163.00)
• TP: 100+ pip potential — trailing to lock profit
⸻
✅ Summary:
• AO confirms bearish convergence → weak momentum
• Price hit Fib confluence zone → wave 4 likely done
• Wave 5 could give 100+ pips to the downside
• Wait for confirmation, then short the breakdown
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.