On EURJPY pair, price is currently stuck at the Daily 50 Moving Average (blue curve on the chart). There is a good possibility of bouncing up from here but I believe it will still complete a triangle and present a good option for buying with short SL.
If a 50 Daily MA is broken and price moves down, that for me is a good sign for a triangle completion and further rebound. If price breaks, moves down and retraces to Daily 50 MA before heading to 112 area, possibly a downtrend on EUR is confirmed and we should wait for a confirmation before buying.
However, I will surely try to play shorts first after the 50 Daily MA is broken and then will buy 2*0.25 lots at 112.50. SL. 111.50 TP1: 115.30 TP2: 121 TP3: 123
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Some uncertantity days but it is finally getting to the entry point
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Arrived to the entry point. I´m pretty caucious with EUR now as it is in a clear downtrend. No divergences on major timeframes make me think this can go even lower. Waiting for a bullish impulse on 1H/4H TF to join longs. Otherwise, I will trade it in a completely opposite direction
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Bounced from the bottom. Lets see which direction it takes. For now, Just moved my long to breakeven