EUR/JPY long setup

TOP DOWN ANALYSIS

WEEKLY TIMEFRAME
It has been an exciting time! we have see quite descending channel showing downtrend for EUR/JPY .But recently we see break of structure in the weekly.showing momentum shifting to the upside and we shall see a good rally to around 123.000 which is our weekly extension level(taarget)
we also see a minor downward counter trend-line being broken. showing more upside potential

DAILY TIMEFRAME
so from the weekly perspective on the daily we see price perfectly respecting the 50% fib level (golden ratio) for retracement.nice retest of the broken resistance(lower structure) now becomes support and coincides with the fib level. all together giving confluence for potential bounce

H4 and H1 TIMEFRAME
we see price respecting the 50% fib level and also support level of the tremendous demand zone. which gives it more confluence for upside

NOTE
Few weeks ago there was tremendous fakeout at price level=121.200 so price broke that level we shall see a move to the upside to potentially 123.000

Target 1-122.500
Target 2-123.000


Happy trading and thanks for your support