Forex Trading Analysis
Hello, guys, today is Thursday, August 22nd 2024 I am going to analyze Euro JPY currency pair let us start are the top to bottom Elliot wave analysis inside the daily time frame the trend is down in Euro Jan currency per the Daily time frame resistance is present at 175.40 price level price action is most likely going to rise to print bullish wave B pull back and then drop to print bearish wave C zigzag corrective leg in coming trading days decisive bullish break out above 175.40 resistance area is going to end down Trend in daily chart of Euro yen currency pair
At 4-Hour time frame price action is printing higher swing highs and higher swing lows to me Euro yen pair Trend looks up in the 4hour time frame
At one one-hour time frame the trend is down in 1 hour chart intraday resistance is present at 163.5 price level price action is most likely going to rise to print bullish wave B pullback and then drop to print bearish wave C zigzag corrective leg which offers a chance to join the downtrend in Euro yen pair a decisive bullish breakout above 163.5 resistance level is going to end downtrend in one hour chart of Euro versus Japanese yen currency pair
More specific the red color highlighted area offers a selling opportunity which is the previous fourth wave one lesser
