EURJPY has just broken out of a minor longterm trendline and is looking to break lower into the 4th leg of an M pattern on the 1H. Thus, we have a nice high risk:reward ratio trade here.
Note: High risk:reward trades tend to have higher probability to fail, but at the same time requires much less winning trades to be profitable. For a trade such as this with a 1:5 ratio, we need to win only 20% of our trades to remain profitable overall. This is why we believe this is a trade with great potential. -See "USDCAD BOUNCE SETUP" for proof.
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Moved my SL into small profit now for a guaranteed return. If it gets hit may re-enter depending on if price breaks the downtrend or not