I am thinking that EUR/JPY is on the Z leg of a WXYXZ correction. With the price currently on the short side of a 200 EMA, bouncing off of S/R and showing lower lows and lower highs it seems as though this could possibly give over 550 pips to the short side. Also the RSI on the 4H is showing oversold, on the Daily though the RSI is still heading for over bought so...
On the 1M time frame there is Bullish Flag currently forming with a potential 50 pip profit. It would match the length of the pole and would meet a line of S/R. Also on the 4H and Daily the market is currently in a bullish channel
On the 4H it appears after numerous retests that the market is possibly going to go for a 70 pip short to retest the bottom of the channel unless the S/R (yellow dotted lined horizontal) takes control at which time there would only be about 30 pip short trade.
