EURJPY Intra Channel C & H

The EURO Yen may be forming a cup and handle formation , within an ascending channel, on the intraday chart.

If this is so , there should only be a shallow retracement to the handle , before an opportunity to go long.

1. Enter Long - around 122.50

2. Stop - 121.00 ( outside of .786 retracement of current swing and the supporting trendline)

3. Target - 1.2680 ( .618 extension of current swing)

4. RR = 3