EURJPY

Whichever way anyone is trading this pair at present, I think it is wise to bear in mind the amount of time this corrective pattern has been in play. My multiple FLD study shows the pattern pretty much terminated with no space left to operate.

If this is a continuation pattern as a wave 4 or wave b, then price should push out of the top; whether that happens now or after another low is due is not that relevant if the eventual direction is northbound. I have been suggesting that the 100 day cycle low may have already occurred during this consolidation, so timing wise, price is looking for release northbound, at least initially and for that reason, I have been counting a triangle.

This 2hr chart is a complete mess at the moment, but only because of the consolidation. The momentum cluster diffused its overbought status with today's drop and the trendline in the sub chart suggests a grind up is coming. Price is above the median lines of the 12.5d, 25d & 50day regression channels, the latter two pointing uphill; price is above the 12.5, 25 & 50day FLD's and both the 12.5d & 25day trend lines are green for bullish. Price is also about to hit the vertical red line, being the equal distance in time for last month's high to low to form: this may or may not be a catalyst, but if an upward dart occurs, I think a lot of shorts will close out now.

I have added the 85.4% gann fans to the 15min chart to emphasise the break points (dashed blue) created by today's rise and fall. I am in long already on the off-chance of a bounce, but may happen lower of course. I'll follow that line down if it does and buy the break if it holds.