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Elliott Wave Analysis: EURJPY Update
Gregor Horvat - IF - Fri Oct 13, 4:10AM CDT

Good morning traders,
Nikkei moved sharply to the upside again, but no follow through on XXX/JPY crosses, which are actually looking bearish at the moment. We see USDJPY turning back below 112.00 which makes strong decline on EURJPY if we consider that EURUSD is trading into a downward correction. EURJPY is seen in wave C) now, a third leg of decline that may drop down to 130.50/131.00 area next week as corrective bounce from Sep 26 low appears completed. I will keep an eye on wave 2 rally on Monday, if price will stay above wave A)/1) swing for now.

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EURJPY, 1H

eurjpy, 1h

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