The EUR/JPY broke above the resistance trend line (dotted orange) and is building a potential bullish swing. The bullish breakout could be part of a wave C (green).
The EUR/JPY main targets are the Fibonacci retracement levels of wave B vs A (blue). A bearish bounce could confirm the bearish ABC (blue) pattern whereas a break above the resistance trend line (red) could invalidate this wave pattern.
The EUR/JPY could be completing an expanded WXY (purple) correction in wave 4 (pink) via an ABC (blue).
The EUR/JPY could see a bullish trend continuation once price completes the wave 4 (pink) and breaks above the resistance trend line (red). In that case a bullish wave 5 of wave 3 (purple) could be taking place.