We see EURJPY trading bearish from March 2019, ideally unraveling an A-B-C higher degree move. We see a completed impulse (five-wave move) in A, which has been followed by a complex recovery, in three legs as B, and found possible resistance/bearish turn at 122.9 level, as the price started dropping.
A strong drop, in impulsive fashion (five lower degree waves) within the trend would be evidence of a completed correction, and that further weakness may be in store for the pair. Also, further evidence of a completed correction would be a break below the lower corrective channel line.
If wave B is completed, wave C can target the 115.0 zones in the upcoming weeks and months.
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