EURJPY - The completion of the first uptrend from point iii

In continuation of the analysis for this currency, and in the chart of 240 -minutes, the price has been able to reach the range of 126.65 with 5 ascending waves. Also, it has entered the corrective phase of this uptrend. Since the price is located in wave iii and from its sub-waves located in 2nd wave, we may probably encounter a short corrective movement and then the uptrend in 3rd wave. The intended range to complete this correction is 125.75 to 125.20, if it crosses the range, it can be extended up to the range of 124.30. As it can be seen in the picture, the range of 122.84 is a very important range, by crossing this range, we should think of the uptrend doubtfully.