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A compelling set-up on the EURJPY daily timeframe. The preference is to wait for a daily close through and above the ceiling of 130.50 before entering longs, as this would confirm that the bulls have the impetus to push price higher, and potentially a series of higher highs and lows.
We currently see price above the 5-day EMA, and the cloud, so the probability suggests that 130.50 will give way this time around for a move into 1.3150/132.00. We also saw a bullish outside day on Friday, and the low coincided with buyers off the baseline of the i-cloud, which is where some may choose to look at stops – my own personal view is to exit should price close below the 5-day EMA.
Happy to wait for confirmation, but I like what I see here and will trade when the market reveals itself.
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