EURJPY has overall of downtrend. However, the pair has bounced of the 116.500 acting as support, which validates the zone to buy for traders. Besides, the EURJPY has been forming the market structure where it started with consolidation and broke out during the London session.
The interesting fact is that EURJPY has formed the M formation of the obvious resistance zone. As Golden Pips Generator says, dump money trying to be smart money, and selling of the obvious zone. I believe those early sellers will be stop hunted and reverse during the New York session. As for my entry point, i will be looking for DMA cross and retest. Please use proper money management and lot sizes.