Guest Commentary: Hourly EURJPY - Great Second Opportunity!
* The trend sequence by EURJPY into the 94.10 low completes the decline from 101.60 and probably 111.40.
The strong 325 points rally to 97.35 ends a larger A wave at which point the market has entered a complex downside reaction to 94.90. As the subsequent strong recovery to 97.80 fell slightly short of the 98.00 equality target and well below the secondary upside targets of 100.70 and probably 101.70 outlined on the Daily Perspective, we have to address the issue of a larger upside correction.
Currently we have seen a 3 wave downside correction into the 50 to 61.8 percent target zone. Thus an upside break of the 96.55 pivot point would reveal the strength to press higher to ideal 100.70-101.70 objectives of the spiral analogy.
In fact considering that the rally to 97.80 was less than the 123.6 percent B wave target of an irregular pattern, we could even see a 5 wave drop that holds the C = A swing target of 95.25 to test channel support that still projects eventual new highs.
Only below the recent 94.90 corrective low would threaten an early return to medium term downtrend.
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