EUR/JPY Bullish Wolfe Wave Formed on Intraday Chart

February 06, 2017 10:00

The EUR/JPY has formed a bullish Wolfe Wave structure on intraday time frame, making a 1-3 line confluence with ATR Pivot Point (green line). At this time, traders should watch for a possible breakout of 121.05 towards 121.25 and 121.40. If the breakout happens and EPA is hit (121.40) traders should also watch for a possible continuation towards next ATR pivots with 121.90 as a final projection. If the price proceeds lower without breaking the 1-3 line then watch for 121.70 and 120.47 - projected low.

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