week7 EURJPY 2 X D1 WR looking for long but caution the USDJPY big picture

Looking for long as price did a bear trap on thrusday and WR 2 months low via an expansion over multi day high.

Short long term long; TP level will be cleared once setup is clear as well.

week7 EURJPY D1 2 x D1 wr bear trap waiting for setup to go long 080214

However, I am still wary of the big picture presented in USDJPY.

week7 USDJPY big picture 090214

Price is now at tip of the ED channel.
At first touch of mega fib6, price completed a monthly bearish engulfing. This price action signals the validity of the resistance confluenced by mega fib6 and ED channel tip. The
multi-year support acted as key support to break for furthur downside.

Thus I have bearish bias for USDJPY. But there is no setup to act upon now. Even so, the setup should be preferably higher to have more selling pressure and lesser pip risk.
Second, I also believe that to reverse such a strong trend of ~2000 pips since late 2012 till 2014, it probably requires 1-2 years worth of consolidation before the true move of 1000-2000 pips can materialize.

In sum, bearish suspicions till price expands convincingly beyond the ED channel.

updated 120214

so price have expanded beyond 2 days high, entered 2 pos to ride to the next level.
Had to endure a 90 pips paper loss last night.
Entered when price seems to have h4 closed above a smaller ed channel up and 2 days high.
hard stop placed below a w1 level which price seems to have found support.

week7 eurjpy h4 2 pos entered 120214


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