The charts below indicate EURJPY could be prime for a pullback or correction. I imagine the bulk of the open trades are also short. I'm going against the flow on a more short term trade. I'm trading EURJPY to at least retest R zone if not push through before a retrace.
I'm long @ 135.65; original SL was at 134.90, but I adjusted it to 135.11 to allow me to add to the position if the right situation occurs. TP is tentatively 136.5, however probably will be adjusted. I expect to start taking profits around 136.17.
1M: Overbought. Price at a resistance zone.
1W: Week of 1/8 candle, pinbar indicates bears inability to gain control. However, bulls were unable to take any momentum.
1D: Appears more as indecision than consolidation.
1H:
I'm long @ 135.65; original SL was at 134.90, but I adjusted it to 135.11 to allow me to add to the position if the right situation occurs. TP is tentatively 136.5, however probably will be adjusted. I expect to start taking profits around 136.17.
1M: Overbought. Price at a resistance zone.
1W: Week of 1/8 candle, pinbar indicates bears inability to gain control. However, bulls were unable to take any momentum.
1D: Appears more as indecision than consolidation.
1H:
Trade active:
My adjusted SL was triggered. Initial trade closed for a loss. Based on the pinbar on 4H chart (below), entered long again at 135.45.
Trade closed: target reached:
Was surprise this ended up going my direction. TP reached @ 136.15