Long or Short: Long on break of the downsloping trendline
Entry Point/s: 116.00
Stop Loss: 115.5
Profit Target/s: 1st TP at 116.8 and final TP at 117.5
Reward-to-risk Ratio: 2:1
Risk percentage:1%
Indicators used: None
Trade Rationale: As EURJPY moves lower this week, the sellers may get weaker as price moves closer to a support zone at 114.5. Next week, there will be interest rate announcement for Jap yen. It may push EURJPY higher, based on the news.
Trade Adjustments:When price moves lower beyond 115, I will also lower my entry point as the break of the trendline will also be lower. When I reach 1:1, I will move my stop loss to BE.