EUR/JPY - Daily
EUR/JPY - 4-hourly
Wave summary:
EUR/JPY is currently backtesting the minor resistance-line from 118.27, this line now act as support for for wave iv and should soon send prices higher towards the 116.74 - 117.23 area to complete the first impulsive rally in wave (iii) and set the stage for a decline towards at least the low of wave iv of a smaller degree. As this wave iv isn't complete yet, we don't know where this low is, but likely closer to here.Short term, a break above minor resistance at 115.69 will confirm that wave iv is complete and wave v higher towards 116.74 - 117.23 is unfolding.
Trading recommendation:
We are waiting for wave ii of (iii) to unfold before we will engage in trading long here.
