empty
05.11.2021 08:27 AM
Elliott wave analysis of EUR/JPY for November 5, 2021

This image is no longer relevant

The failure to hold support at 131.51 does make us more alert to the possibility of wave 3 already being complete and a larger and more complex wave 4 unfolding. That said, we still see the possibility of an ending diagonal unfolding, which calls for a final rally to new highs above 134.12.

That said, a case can be made, where wave 3 completed at the 134.12 peak and everything since then is part of a wave 4 correction, likely in the form of a triangle consolidation. If this is the case, we should see a dip to support near 130.56 and then a rally to 132.67 before the final dip close to 131 to complete the triangle and wave 4 before a thrust out of the triangle towards 139.25 as a larger impulsive wave I.

Summary
Urgency
Analytic
Torben Melsted
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

EUR/USD Analysis on October 8, 2025

The wave structure of the 4-hour EUR/USD chart has remained unchanged for several months, but in recent weeks it has become more complex. It is still too early to conclude

Chin Zhao 21:52 2025-10-08 UTC+2

EUR/USD Analysis on October 7, 2025

The wave pattern on the 4-hour chart for EUR/USD has remained unchanged for several months, but in recent weeks it has taken on a more complex form. It is still

Chin Zhao 19:26 2025-10-07 UTC+2

Weekly Forecast Using Simplified Wave Analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, EUR/GBP, #Ethereum, and US Dollar Index – October 6th

At the start of the coming week, a pullback in the British pound to the calculated resistance zone is likely. Afterward, a reversal may form

Isabel Clark 21:17 2025-10-06 UTC+2

Weekly Forecast Using Simplified Wave Analysis for EUR/USD, USD/JPY, GBP/JPY, USD/CAD, EUR/CHF, and Gold – October 6th

EUR/USD Analysis: The euro quotes continue to move within an uptrend. Over the past two weeks, a downward zigzag has formed from the resistance zone. Currently, the price is moving

Isabel Clark 21:02 2025-10-06 UTC+2

EUR/USD Analysis on October 6, 2025

The wave pattern on the 4-hour chart for EUR/USD has remained unchanged for several months, but in recent weeks it has taken on a more complex form. It is still

Chin Zhao 20:56 2025-10-06 UTC+2

GBP/USD Analysis on October 3, 2025

For GBP/USD, the wave structure continues to indicate the building of an upward wave pattern, and it has not changed over the past week. The pound has fallen too much

Chin Zhao 21:00 2025-10-03 UTC+2

EUR/USD Analysis on October 3, 2025

The wave structure on the 4-hour chart for EUR/USD has remained unchanged for several months, but in recent days it has started to take on a rather complicated shape

Chin Zhao 20:56 2025-10-03 UTC+2

EUR/USD Analysis on October 2, 2025

The EUR/USD exchange rate barely changed on Thursday, and over the course of the current week it has risen by only 35 basis points. The wave pattern on the 4-hour

Chin Zhao 18:52 2025-10-02 UTC+2

EUR/USD Analysis on October 1, 2025

The wave structure on the 4-hour chart for EUR/USD has not changed for several months, but in recent days it has taken on a rather complex form. It is still

Chin Zhao 17:17 2025-10-01 UTC+2

EUR/USD Analysis on September 30, 2025

The wave structure on the 4-hour chart for EUR/USD has not changed for several months, but in recent days it has started to look more complicated. It is still

Chin Zhao 21:14 2025-09-30 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.