Elliott Wave View: EURJPY Rally Should Resume

Today we will have a look at the EURJPY 1 hour chart

After bottoming on January 3, 2019 low, EURJPY shows a sequence of higher high and higher low. We can see from the chart above that it has a bullish sequence and right side higher stamp. This suggests that pair should resume to the upside as far as dips stay above 124.1 (the invalidation level). Rally from February 9 low (124.14) is currently unfolding as a 5 waves Elliott Wave diagonal structure. Up from 124.14, wave ((i)) ended at 125.54 and pullback to 124.21 ended wave ((ii)). Pair then rallied in wave ((iii)) to 126.30. Below from there it ended wave ((iv)) at 125.54 low. We expect soon the cycle from 02/09 low to end in wave ((v)) of A. Afterwards, EURJPY should do a pullback in wave B in the sequences of 3-7 or 11 swings against 124.1414 low. We dont like selling the pair as the right side is to the upside.