Trend is bullish in four hours chart. Critical support is present at 118.22 price level. The price of EUR/JPY currency pair moved up to print bullish Wave iii leg. Now, I expect a top in price action and market to going to fall down to print a short term bearish pull back – Wave iv. Wave iv which is most likely going to be a sideways corrective pattern.
A good suggestion is to wait for the Wave iv to first appear and then look for a buy trade to join an up trend. However; if market closes a bearish candlestick below 118.22 vital support area then bullish trend will end. In such case, I will stop myself from trading and re-analyze the price chart of EUR/JPY currency pair.