Let us take a step back and look at the larger picture today. EUR/JPY broke above the triangle resistance line back in December 2020 confirming the completion of a 12-year triangle formation in wave [B] and wave [C] was in motion towards at least 173.00 and possibly higher.
The rally after the break above the triangle resistance line hasn't been that clear and can best be described as an expanding leading diagonal. We should expect a temporary setback to support near 133.00 before the next rally higher towards 149.79 and above.
