Elliott Wave Analysis: Bears Pushing Price Lower On EURJPY

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EURJPY is making a small consolidation above 113.40 which looks like a wave iv) within a five wave decline from 116.07. As such, new leg down may occur today, wave v) to complete larger degree of a blue wave one at 113.00-113.15 zone. From a trading perspective we will keep an eye on wave two bounce that may show up by the end of the week.

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EURJPY, 1H

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.