EURJPY Long Trade Setup

OANDA:EURJPY   Euro / Japanese Yen
Hello Traders

We have a complete regular flat and my expectation is an upward impulse. I hope the next wave will be a pretty strong one but there is a chance for one more drop from the red trendline . That's why my minimum target will be 1.18 extension, then we will see if it breaks or reverses. As you can see, we have a potential reversal impulse and a correction is in the making. That's why I placed an entry order above the last top. After it breaks the blue trendline I will wait for a correction to buy more. But in the meantime, I'm waiting for an up impulse and correction in 15m to place an entry order as you can see on the chart. This setup will give us a much better risk/reward ratio.

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Trade with care.
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