Euro/Yen (EUR/JPY) has been trading within a Complex Corrective Structure, as per Intermediate Wave (4) (light blue).
The Minor WXY Structure (red) unfolded with a Double Zig-Zag in Minor W (red) and a Zig-Zag in Minor X (red).
This Complex Structure is about to finalize at Crucial Levels, with Minor Y (red) finishing up its last leg (Minute V (orange)).
Euro/Yen (EUR/JPY) is about to make a Major Decision, as mentioned before in our previous Long-Term Analysis, most probably on the Up-Side, considering all the technical factors involved.
117.00 Level ”poses” as very Strong Support due to the fact that it is located at the 61.8% Fibonacci Retracements of Intermediate Wave (3) (light blue).
Minor Y (red) is expected to end its Bearish Trend at the 100% Fibonacci Extensions of Minors W & X, which also reflects the 117.00 Level.
Euro/Yen (EUR/JPY) is widely expected to form a Bullish Divergence at the 117.00 Levels and confirm the end of Intermediate (4) (light blue), therefore leaving room for Intermediate (5) (light blue) to begin its ”bullish journey”.
Euro/Yen (EUR/JPY) – Long (BUY) Positions:
Aggressive Entry – 117.40
SL – 116.50
Moderate Entry – 117.00
SL – 116.00
Conservative Entry – 116.50
SL – 114.90
TP1 – 121.00
TP2 – 124.00
TP3 – 126.50
*Safety Net:
– When in the green, move SL into profit or at break-even
– If Conservative or Moderate, wait for another low and the Bullish Divergence
Many pips ahead!