Zone correlates with 61.8% fib retracement.
Wicks thrown to the downside, means price is rejecting the downside movement.
If we see EJ close above previous session high (highlighted zone), we can enter market execution buy orders.
Many wicks at the bottom wave b. wick means clear rejection. wave (a) is about 140 pips. I am expecting wave (c) equal to the size of wave (a). After breaking the resistance line at 122.19 set stoploss according to the trendline. 30m H1 D1 W1 all are bullish.
As you can see from the chart, we are now at the lower end of the wedge. There is chance for a BUY ast 124.54 with SL below 124.30 TP can be set at 125.10 and 125.35. For INSTANT FREE SIGNALS, check my signature(link) at the bottom of this idea.
A simple trend line was form at time frame 1 hour, and I think after the long shadow candle, EURJPY gain a bullish power again. Slow but sure, climbing up to test the Resistance @126.20. So I decided to use this moment to go Long Position : BUY @125.15 STOP LOSS @124.45 TAKE PROFIT @126.15 It may go up, it may be not. This is just an analysis and my perspective....