The EUR/JPY pair has corrected back after the spike higher at the end of last week although it is now beginning to recover and rise again. It will probably continue and complete the current leg – first with a re-touch of the the 101.50 highs and then with the possibility of a move all the way up to 102.90 to achieve wave equality. A reversal, on the other hand would first target support at 98.55 and then the prior lows at 95.60.

Analysis prepared by:

Joaquin Monfort
Forex4you analyst