Pick of the Day: EUR/JPY

I’ve been watching this pair for a while, and it seems here we have a nice little example of a currency pair moving in waves. To me, it looks like it has completed its impulse wave pattern and is now in corrective wave pattern mode. Hopefully, we can catch some pips on its way down. Before you jump into this trade, please be aware of the BOJ releasing the minutes from its most recent meeting at 1:00 am EST, and also stay alert around 2:00 am EST as German CPI m/m is released.

Short EUR/JPY at 144.98, stop at 145.30, pt1 at 144.78, pt2 at 144.52