EUR/JPY is currently testing the support of a multi-month falling wedge. Scope is seen for a short-term corrective phase higher. However, a lower high is sought for a fresh swing to the downside to break clearly under the aforementioned wedge support. This whole process is required to then sow the seeds of a more lasting recovery.
Back over 98.33 (28 June low) will neutralise our current bearish stance, in favour of a recovery higher.