IMMINENT REVERSAL ON EURJPY

After extensive bear run on the risk sensitive pair, the EURJPY is starting to show signs of imminent reversal.. After wednesday breakout of support @ around 120.70, the pair bounced off strongly to produce a bullish engulfing pattern and closed back above the support. This we believe that the risk sensitive pair is not yet ready break below as is also evident on the EURUSD bounced from support. we therefore favour going long with a less risk at the moment with a BUY STOP @ 121.200
FIRST TP@ 122.190
SL @ 120.700

GOOD LUCK and lets watch how the trade unfolds...