EUR/JPY Analysis Using Elliott Wave

Current Market Structure & Elliott Wave Count

Wave 3 Completed near 163.800 (Key Resistance)

Wave 4 Correction in Progress targeting 161.200 - 160.800

Potential Wave 5 Expansion toward 164.400+

Bullish Scenario (Wave 4 Completion & Wave 5 Start)

📌 Long Entry:

Buy at: 161.200 - 160.800
Stop Loss (SL): 160.500
Take Profit (TP1): 162.200
Take Profit (TP2): 163.800
Take Profit (TP3): 164.400

🎯 Probability: 75% (If price finds support above 161.200)

Bearish Scenario (Wave 4 Deeper Correction or Reversal)
📌 Short Entry:

Sell at: 163.800 - 164.400 (Wave 3 High Rejection)
Stop Loss (SL): 164.700
Take Profit (TP1): 162.800
Take Profit (TP2): 161.600
Take Profit (TP3): 160.800

🎯 Probability: 70% (If price rejects 163.800 resistance)

Final Thoughts & Risk Management
✅ Bias: Bullish above 161.200, Bearish below 160.800
✅ Risk/Reward Ratio: 1:3 for Both Scenarios
✅ Volatility Factor: Watch JPY Strength & Euro News Impact