EURJPY has been heading in since the 26th of March 2020, this is represented by the trend-line drawn on the chart. Last Thursday, we saw the market clearly breaking the trend-line heading to the strong structural of 117.7. Now we can notice that the market is consolidating in a 90 PIP area between 116.8 - 117.7.
In order to trade this pair we have to wait for a breakout of the consolidation area from either the upside or the downside. We will wait for a clean break on the 4H chart then we will buy or sell the pullback. Possible targets shown on the graph.
Risk ONLY: 2-3%