Yes you are right, but Iam expecting or actually hoping for the JPY to show the same behaviour against GBP (although looks bullish, I think its lacking upward momentum) USD and EUR, hence the idea. Wish you good trading FXSaint
Actually at the moment EurJpy bulls doesnt look doing much, I was hesitant to trade it but when I saw h1 AB=CD is overlapping with h4 AB=CD at same price level I though of entering & managing the risk.... There were several other supports also at that price handle (refer my analysis for details on that).... however JPY looks not willing to lose the ground as of now.... But I m not willing to long JPY. Will take loss & sit back for re-adjusting my analysis if it decides to move down.
h1 or h4 candle close below 138.45 will certainly add value to your analysis, till 138.50 handle holds, the equation will remain as AB=CD completion.... I m long on this till 138.50 handle holds & if breaks below then flip the position.