EUR/JPY failed to move below minor support seen at 123.29, which indicates that a triangle consolidation could be unfolding as wave B. If this is the case, then we should see a move slightly higher to 124.25 before a final decline in wave e of B to near 123.46 from where the next impulsive rally towards 138.52 should take off. That said, we have to keep in mind that we are in the midst of a correction and they can take on every thinkable and unthinkable shape, so we still have multiple possibilities from here, but the triangle option is becoming the preferred possibility.
We will buy EUR at 123.55 or upon a break above 124.54
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