So I am long EUR/JPY. I started to doubt that, but after some study and charting (yes, by hand), I picked out a few reasons why. See the charts below first.
They should progress from Weekly on your left, Daily in the middle, and 4 Hour on your right. On all of these, what can you see? Divergence on the MACD? Me too, excellent long-term divergence that signals some really nice reversals. Also, on the 1 Hour chart (not shown) decent support and 65 EMA @ 110.00.
My plan is to work off of my initial long (1/4 Lot) @ 110.55 and set the TP to 126.00. If price moves against me, I will double my exposure at the following points (add 1/2 Lot) 109.20, (add 1 Lot) 108.00, and then last-ditch effort (panic mode) @ (add 2 Lots) 103.00. Each time move the new Positions TP to the BE Point.
If price moves in my favor, I will add half of my initial position on a breach and retest of (add 1/8 Lot) 112.00 and again @ (add 1/16 Lot) 120.00. Each time move the new Positions SL to the BE Point.
I expect this trade (depending on what direction it moves first) to last any where between 2 weeks to 2 months.
Hopefully this quick post will let you see into my method on a more practical standpoint and show you exactly how I prepare and plan for a trade. Like always, take what I say with a grain of salt as my method is VERY risky and should not be attempted without a helmet.