EURJPY Extends Higher in Bullish Cycle

EURJPY extends higher and the pair has broken above the previous high on 8.30.2023 at 159.76 suggesting the next leg higher has started. Cycle from 10.3.2023 low is currently in progress as an impulse structure. Up from 10.3.2023 low, wave (i) ended at 158.26. Pullback in wave (ii) ended at 156.5 and wave (iii) rally ended at 158.44. Dips in wave (iv) ended at 157.98 and pair ended wave (v) higher at 158.61 which also completed wave ((i)). Pullback in wave ((ii)) ended at 156.88 with internal subdivision as a zigzag structure.

Down from wave ((i)), wave (a) ended at 157.589 and wave (b) rally ended at 158.04. Pair then extended lower in wave (c) towards 156.9 which completed wave ((ii)). Pair then resumed higher in wave ((iii)). Up from wave ((ii)), wave i ended at 158.99 and pullback in wave ii ended at 158.49. Expect pair to extend higher in wave iii, followed by pullback in wave iv, and higher again in wave v. This should complete wave (i) of ((iii)). Pair should then pullback in wave (ii) of ((iii)) to correct cycle from 10.16.2023 low before it resumes higher again. Near term, while pivot at 156.9 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.