Since the high on Friday, March 4th, the EURJPY chart has traced out a 400 pip 3 wave down, ending yesterday morning. The A and C waves could each be further subdivided into an a-b-c, the c of both having an impulsive look, with a 2.618 move down from an alpha-beta base.
Overnight a rally off yesterday's low punked out at exactly 38.2% of the entire move.
From the high near 116 on March 4, EURJPY has traced a 3 wave decline, with the C wave 1.618 times the length of the A wave.
As noted on Friday, the C wave was impulsive in nature, with a delta wave ending 2.618 times the size of the set up alpha-beta base.
The spike up in the Asian morning session topped out at a 61.8% retracement of the entire A - B - C move.
A nice example of an extended price pulse, 2.618 times the base area, working its way downward on EURJPY this morning. Hit the 2.618 (phi squared) Fibonacci target within 1 pip and stabilized.
A bottom?
