EUR/JPY made a bigger, three-wave, A-B-C drop, and found a low at the 114.44 level for a higher degree wave Y. We see a recovery now, which can be part of a new bullish cycle. We labeled a completed wave 1) of a bullish reversal, and a recently completed corrective wave 2) at 119.27 level, meaning more upside can be seen in days/weeks ahead. That said, a rally in five legs of a lesser degree, and above 123.0 level would be bullish for the pair.

EUR/JPY, daily