ForexPhantom
Long

EURJPY - Long idea (?!)

FX:EURJPY   Euro / Japanese Yen
A very happy Saturday boys and Girls!

I am currently going through my charts and came across this one here - EURJPY . To be perfectly honest, I am not 100% certain if my idea makes sense and therefore would appreciate input from the community. What do you think? Does it make sense the way I look at it.

The idea behind it is quite obvious. We have seen the lower end of the descending channel and are due to test the upper end. This time there's a realistic chance of breaking out of the channel and see new tops. Why? The ( iii ) I have drawn here is a very minimum target - meaning if the ( iii ) hits its minimum target, the (v) will extend and most certainly draw the price ABOVE the channel.

However, this only makes sense if I am looking at it in a correct way.

Let me know what you think and best of luck :)
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