We saw the first move up last week and price is currently in a consolidation. I like to see a break out for a buy opportunity. The green and red arrows show my preferred pattern for now but we will see. First thing to watch for is the break. I'm not selling this pair based on current price action, only a break below the previous low might shift my bias towards trade opportunities.
I was looking for a break higher to buy the EURJPY. However we didn't see a break and if you used a more aggressive trend line break approach you probably noticed the lack of bullish momentum.
This pair unfolded in the shape of a triangle. A triangle almost always occurs prior to the final move of the structure so I like to see a last leg lower for divergence. Once that is in place I will be looking for the buy again.