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Range traders can take advantage of the EURJPY's 900 pip range as long as it holds.  Beware that an upside break could see a run-up to 140.

5 waves down from 170 warns of a corrective rally into the 141.78-145.74 zone as a correction of the drop from 1.70.  Near term, the pair could drop below 121.35 before strength resumes.  

Corrections unfold in 3 waves and the rally from 113.59 is the first wave of the expected 3 wave rally.  The consolidation since 131 may be forming a triangle, although a drop below 121.35 is possible before the final leg of the rally (wave c) begins and eventually breaks above 131.  From a strategic point of view, one can play the range between roughly 122-131 as long as it holds.

Jamie Saettele writes Forex Technicals: The Day Ahead, Monday-Thursday (published at 6 pm EST), Daily Technicals  every weekday morning (9 am EST), COT Analysis (published Monday mornings), and analysis of currency crosses throughout the week.  He is also the author of Sentiment in the Forex Market.