Analysis: Potential Megaphone | EUR\JPY

Potential Megaphone Chart Pattern at the Euro-Yen FOREX pair, about 110 pips in size. Resistance trendline has been respected twice, and Support trendline was respected twice as well. This is a Reversal chart pattern, indicating that price will reverse its trend to Bullish. These patterns also usually break after their 5th bounce of any of its trendlines - so far we have witnessed only 4 bounces.

Trading
Aggressive Long Entry - Upon bounce of price on the Support trendline. Target will be the Resistance trendline, and should present us a very profitable trade with high Risk:Reward ratio.
Conservative Short Entry - There is a slight possibility for the Support level to be horizontal, as it is on round number - 128.0. If price will stop on this horizontal level and will not touch the down-sloping trendline, we will trade this pattern as a Asymmetric Megaphone: Take a short trade after the pattern breaks downwards and pulls back.

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