EURJPY may be correcting lower soon. 16.5.2021
Updated
I posted an EURJPY uptrend idea before.
After reviewing the price action for the last few days, it seems like an ending diagonal is forming at around 132.8-133.2 area. If this is the case, EURJPY may enter wave (4)-yellow corrective wave, which can bring price down to 128.50.
I prefer to see an impulsive drop before entering short so lets wait and see. A break of wave (3)-yellow trend line would be indicative for the drop has begin.
After all, the uptrend is intact even after this possible correction.
After reviewing the price action for the last few days, it seems like an ending diagonal is forming at around 132.8-133.2 area. If this is the case, EURJPY may enter wave (4)-yellow corrective wave, which can bring price down to 128.50.
I prefer to see an impulsive drop before entering short so lets wait and see. A break of wave (3)-yellow trend line would be indicative for the drop has begin.
After all, the uptrend is intact even after this possible correction.
Note
The impulsive move down has begun i believe.
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