EURJPY H4 Analysis

The EURJPY chart created a bullish flag pattern with an upward potential. Additionally, we see the that the recent price movement has rejected the new trend line and bounced off. We could see a break form this channel in the short term, in which case the price should head to the first profit area (TP1). Potentially, the upward trend could continue to reach the second profit area (TP2). The SL level is set just below the support line. If the price breaks it, we would be looking at a trend reversal, where we would see more downward movement. The trade would be executed as follow:
EURJPY
BUY: 1.21500
SL: 1.20350
TP1: 1.22750
TP2: 1.24000