EURJPY is below the hourly trendline as price keeps falling since market completed a three wave correction at 116.07 that can represent a completed triangle on bigger time frame chart. As such, it’s not a surprise that leg down from 115.43 can be extended since we are expecting a five wave decline where usually wave three is the strongest. We are talking about red wave iii) that can be headed down to 113.00 area where some support can be seen for a short-term bounce up into red wave four.
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