EUR/JPY should still see more downside in the corrective wave, which began from the 144.25 high in mid-June. We continue to look for one more dip towards the 50% corrective target at 131.69. That said, the corrective wave unfolding from 144.25 could turn into a triangle formation too. In that case, we will see a dip towards 137.40 and then to 142.40 before a final minor dip to 140.13 to complete the triangle for a new impulsive rally towards 150.89.

Time will tell, but we think that the corrective structure from 144.25 needs more time to develop.