Clearly, FX_IDC:EURJPY monthly trend is bearish. On the downside, the final monthly target would be in the 94 area. However, it is possible that final target will never be reached and the pair reverses its long time trend earlier. Smaller timeframes analyses will follow...
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In the weekly time frame, the pair seems to be forming a 12345 wave pattern, being now in the 4th wave correction.
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Bullish pennant target reached
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Following a medium term lateral correction, the pair seems to be proceeding towards the wave 4 target with a more impulsive movement. Let's remember the alternation principle of the Elliot wave theory: "The forms for Wave 2 and Wave 4 will alternate. If Wave 2 is a sharp correction, Wave 4 will be a flat correction. If Wave 2 is flat, Wave 4 will be sharp." For the moment, we keep our 113 area entry.