The RSI range in EURJPY is typical of triangle consolidations. In this case the coil is following a sharp uptrend and is expected to break to the topside in the coming week(s). The target for the breakout is 140.03. This cross is has been trading in textbook fashion as the 5-wave pattern preceding this pause offered textbook symmetry. Once triangle resistance at 132.25 is breached we expect a strong follow-through.
S/t, Wave-E is underway marking the final stage of this consolidation. The first target for this leg is 129.48 where wave-E = wave-C*.618; the second target is the triangle uptrend which comes in to play near 128.90. For now prices are in a small wave-b range in an a-b-c decline.
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Nomura