Refer to my EURJPY short @ ~134.500 to see what I mean.
The down move isn't as strong as I'd like it to be. So I believe there could be a final reversal back up to ~134.900 which would complete a . Of course, it is a bit early to suggest that this will occur.
The is a . followed by a . . There is then a push to the 1.27 extension of the major trend (trend within a trend).
If price rallies to the ~134.900 area, consider a short from the indicated (red dashed lines).
A 20-pip risk is probably wise here. The reward is a profit target of 133.000 for 190 pips. You may have to hold the trade for a while but it could be worth it.
This is obviously just a possibility. The original EURJPY analysis is still in play right now from ~134.500.
The @ ~134.040 has been penetrated already so it is more like that it'll be broken soon.
If the does form, it provides a third chance for traders to get in on the down trend if they missed the original drop out of the triangle or the test of the .
EURJPY looks headed to 130.000 again but it is taking its sweet time. Stay tuned.