In fact there is a possible bullish reversal pattern in the 4-hour charts. The reversal must be validated by a break of ‘neckline’.
Possible ways to play this trade is to buy at base 109.11 or wait for the neckline to break followed by a new base built at this line. Playing breakout would be folly as the daily chart still paints a downward momentum and so plenty of bears would be eager to short resistance or failure.
EURJPY remains in downward channel but cues for long trade
