USD/JPY's wave E has done almost. If wave E will keep above 118.97/119.20, USD/JPY will have the Final upward wave larger C (target: 122.07/122.30). However USD/JPY would have a huge downward correction wave Major-2 after that.
If this will happen, EUR/USD will have a huge sell-off.
On the other hand, in the event of negative NFP reaction (May. 08), 118.32 will be breached easily. Then more aggressive downward correction wave would directly come.