Short term analysis of EURJPY using Elliott Wave theory suggests that a rally to 165.35 marked the end of wave 3. The subsequent wave 4 pullback took the form of a double three Elliott Wave structure, with various waves unfolding within it. The pair has since turned higher in wave 5.
On a 45-minute Elliott Wave chart, the pair saw wave (i) reaching 163.15 and wave (ii) dipping to 162.62. This was followed by wave (iii) ending at 164.12, wave (iv) at 163.79, and wave (v) at 164.43, completing wave ((i)). A pullback in wave ((ii)) towards 163.6 was followed by a resumption higher in wave ((iii)). Subsequent waves unfolded accordingly, with expectations of further upside in the near term.
Looking ahead, a correction in wave (ii) is anticipated before the pair resumes its upward trajectory. As long as the pivot at 162.26 low remains intact, buyers are expected to step in during any dips for further gains in the 3, 7, 11 swing pattern.