EURJPY Long term outlook; its about to start the trend?
weekly view of EURJPY
it seems that zigzag type of correction has been ended.
now price is on 50% of retracement fib and 127.2% of fib ext.
break out of the black trend line is an indication of an impulsive move to upside.
note the divergence.
but keep all possible scenarios in mind; this zigzag can be just wave A of a bigger correction pattern like WXY or WXYXZ.
it seems that zigzag type of correction has been ended.
now price is on 50% of retracement fib and 127.2% of fib ext.
break out of the black trend line is an indication of an impulsive move to upside.
note the divergence.
but keep all possible scenarios in mind; this zigzag can be just wave A of a bigger correction pattern like WXY or WXYXZ.
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240 min view
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purple scenario is more likely to happen, because its not move impulsive and it seems that developing as double zigzag
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here is 2 different labeling on EURJPY; both suggest that the downtrend corrective phase is about to end...
