EURJPY Forecast - Long Bias

FX:EURJPY   Euro / Japanese Yen
I think this chart shows everything well. We have a nice upwards channel that has formed and in the previous moves the past resistance has been respected as the new support. The lower trend line also seems to act as a nice point of support.

My prediction is that price will come down once more to find support in the S/R area at around 121.200 and on the trend line before moving up beyond the resistance level with another impulse wave that will hopefully push to the 124.000 area. I am waiting for price to come down to the highlighted area before considering an entry and would like to see confirmation of support being held.

There is a 4.3 Risk Reward on this trade but even if price only made it up to the 122.400 highlighted area there is still a 2.0 Risk Reward.


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