EURJPY Trading Idea

Price drops to the possible reversal zone between 123.500 and 123.00 level. RSI is in oversold zone and if it reverses and moves up, we'll have a buy signal. Buy-stop orders can be placed above 123.500 level or based on the highs of previous bullish candles. Stop orders must be below 123.00 and profit target at the downtrend line. As for short trades - we shoul sell if price bounces from the downtrend line. Also it will be possible to open short trades if price breaks 123.00 level. But don't forget about fake breakouts. That's why selling from the downtrend line will be a better variant.