Elliott Wave Analysis of EUR/JPY - Wave 5 in motion for a rally towards 182.95

 

Elliott Wave Analysis of EUR/JPY - Wave 5 in motion for a rally towards 182.95

It' has been a while since I last reviewed EUR/JPY. On April 18 this year EUR/JPY was testing resistance at 164.17, which at that time I thought was the top of wave 3. However, it quickly turned out that it wasn't the top of wave 3, but rather the top of wave iii of 3 and more upside should be expected towards the next resistance near 175.66 which marked the 261.8% extension target of wave 1. 

Wave 3 peaked at 171.79 but the the B-wave of the following wave 4 tested the expected 175.66 target before a deep wave C dipped to test the low of wave iv of 4 and the 38.2% corrective target of wave 3 at 153.56. 

Wave 5 is now in motion and should see a rally towards resistance at 182.95 before completing the rally out of 2020 low at 114.20. 

Elliott Wave Analysis of Coffee - Next stop USD 300

 

Elliott Wave Analysis of Coffee - Next stop USD 300

Coffee completed a large triangle consolidation as wave Y of 4 in January 2023 and has since moved higher to test and break the triangle resistance-line near 250 and is now headed towards the next resistance at 300. 

If this resistance is broken and I expect it will be broken then the next long-term stop is see at 576. We will see the former tops at 318 and 340 give some temporary protection, but they shouldn't anything other that temporary stops before the match higher towards 576 is seen. 

That said, it's important what's gone happen near resistance at 300. If coffee fails to clear this resistance and starts to move lower again, we could see the the consolidation from 1977 continue for another 22 years as the final corrective wave "Z" unfolds. This is not my preferred count, but an option we can't exclude at this point in time. 

The job is to find the possible future path for coffee, which for now is up towards 300 and then let's evaluate the most likely future price-action for coffee.