There are two options for EURJPY at the moment. There is a formation on the daily time frame which is at the top of wave 4 and could see a really big move down to complete wave 5. Then there is the possibility that this structure will break to the upside now and that the corrective structure on the daily time frame will either change for a larger move down or will confirm the upside now.
Should we see the formation of a flag as depicted with the red arrows and then a break of that flag to the upside, that should indicate a big move up! As things stand now it looks like we may get the break to the upside but we need to wait for confirmation before entering this trade.
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Cheers Linton
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I expect to see the formation of a smaller flag in order to confirm the long.
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The current setup indicates that we may be at the bottom of wave 1 and looking for confirmation of the move up.