Is EURJPY ready for a substantial move?

This is Weighted Average Yen on Daily TF. See where it is now. It seems the pitchfork median is broken and YEN might go lower. If we see a clear close below the most recent Low then EURJPY can make a big move.

Kommentar:

Do not forget that Stocks are negatively correlated with YEN. Hence a break of the wedge formation for SPX500 shown below to the topside would translate into a YEN falling lower.
If you want to make sure for opening a new long-run trade on EURJPY Long, you could wait for a close on the Daily candle for SPX500 outside the wedge formation then you can go Long EURJPY.

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And of course, it is a Long trade ;)

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And if you look at European Stock the break has already occurred...