On H4 chart EUR/JPY retaceted only 23% of the latest swing so this might indicates two things:
(1) Shallow correction for wave 2 and now strong impulsive wave 3 development: to continue with this scenario the price must develop in impulsive fashion to the upside, breaking the latest wave 1 high.
(2)It it just the begining of more time consuming correction in wave 2 ant this was just a first leg down. New low will confirm this scenario, new high will invalidate scenario. To support this view: there is untested level on daily chart that might be visited before price will make any new low.
Waiting for breakout.
Take care,
Seb
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