I am going long EUR/JPY @ 120.30, stop @ 118.00. My target is 131 and higher.
It looks like the rally from 113.60 is impulsive (5-waves), so perhaps that insane selloff last week marked a capitulation low. After rallying to 131, EUR/JPY has been correcting the rally in a pretty choppy fashion. I think a 3-wave flat is forming, indicating that price should undercut Wave-a to complete the pattern. Wave-a = 1.25*Wave-a @ 119.90, where the 61.8% fib lies. There are two pivot points at 119.56, so I am placing my stop below this zone.