On the intraday structure of EURJPY we are tracking a nice bearish run from 128.173 area, that seems to be in late stages, as only wave 5 is needed for a completed five wave pattern. That said correction in wave 4 seems to be over as price made a nice move towards lower levels and could ideally continue even lower to around 124 area, where the distance of red wave 1 would equal the distance of red wave 5.
After wave 5 is completed, we may face a minimum of a three wave correction.
After wave 5 is completed, we may face a minimum of a three wave correction.