1Hr Chart Wave Count:
Let us start with the EUR/JPY on the 1Hr chart. The EUR/JPY is in a wave 5 green. We are expecting the wave 5 to be long enough to confirm the wave iii (Pink) on daily chart. Wave 4 green bounced at 23.6% Fib which suggests that the bullish trend is strong.
1Hr Major Cycle = Green Wave Count
1Hr Minor Cycle = Black Wave Count
1Hr Minutte Cycle = Purple Wave Count
Invalidation on 1Hr wave count is at 127.99.
Daily Chart Wave Count:
On Daily Chart EUR/JPY is in wave (iii) Pink. The EUR/JPY chart is showing that price is strongly bullish at this point of time.
Daily Chart Major Cycle = Purple Wave Count
Daily Chart Minor Cycle = Pink Wave Count
Daily Chart Minutte Cycle = Black Wave Count
Weekly Chart Wave Count:
The EUR/JPY pair is in bullish tone on weekly chart as well. Wave 2/A (Green) ended just between 61.8% and 78.6% level. At the moment price is in the formation of wave (iii) Black.
Weekly Chart Major Cycle = Green Wave Count
Weekly Chart Minor Cycle = Purple Wave Count
Weekly Chart Minutte Cycle = Black Wave Count
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