Art_of_Trading
Long

EURJPY: BAT , Go Long

FX_IDC:EURJPY   Euro Fx/Japanese Yen
On FX:EURJPY             , the price dropped significantly today and it is getting close to structure low around 131.638. Sellers in control on 1H bars, but it is expected that the they will take their profits at structure low and new buyers step in , which increase the EUR value against JPY.

Moreover, the valid Bat pattern appears, which gives clear guidance where to enter, take profit and put stop loss.
T1 - 38.2%
T2 - 61.8%
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I think it may move down lower. The lower downward trend channel puts a potential bounce upwards at 131.325 but I expect a reaction at around the 131.50 level. However the 6 month trend is bearish.
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