On 5 MTF, EURJPY was bouncing around 122.00 level before it went trending up. As EURJPY moving toward the one hour before Frankfurt open time frame it penetrate 122.50 and pivot R1. It consolidated at that level or at point A, forming a possible double top with penetration of the uptrend line. With price found support at 23.6% retracement and blue lag reversing upward, the double top was a failed pattern. After price breakout the previous high, the uptrend since Asian open was continued.
My entry is on the 1 MTF. The first entry at 1st vertical line with a sell. Exit at point 1 on support of 200 EMA and blue lag tagging the bottom.
Second entry for a buy at 2nd vertical line. Exit at point 2 when both lag tagging the top and resistance of mid-level pivot. After the exit, the blue lag cross the 85 from above, but no action taken as the overall trend was still trending upward.
EURJPY found support at 38.2% retracement and subsequently the lag reversing at below 15. Make a buy entry at the 3rd v ertical line with exit at point 3 where price touch 123.00.
