EURJPY has been in a strong uptrend since the 13th July lows when it attempted to get back below the 120 level.
Within the higher high's and higher low's, the Eliot Wave has completed it's 5th wave now and thus we should see a correction to retest the bottom of the channel.
How price reacts around the minor support at 125.50 will determine our bias for the week.
If this holds, as well as the 4hr 50EMA and the ascending channel, we will enter buys.
If this channel breaks, then we will retest the major support at the key 124.00 handle and climbing 4hr 200EMA with sells.
Within the higher high's and higher low's, the Eliot Wave has completed it's 5th wave now and thus we should see a correction to retest the bottom of the channel.
How price reacts around the minor support at 125.50 will determine our bias for the week.
If this holds, as well as the 4hr 50EMA and the ascending channel, we will enter buys.
If this channel breaks, then we will retest the major support at the key 124.00 handle and climbing 4hr 200EMA with sells.