EUR/JPY: Long Wait for a Long Entry - Getting Closer though

The EUR/JPY Pair seems to be a bit sideways and may stay that way until after the Japan GDP Report. The Data from Japan is not any better than the rest of the world and their currency is benefiting from it's low interest rate. Big money is borrowing YEN and buying others like Euro and GBP etc. I prefer to play this pair on the long side when it's at levels this low just because i'm more of a bull than a bear. Playing the short side of this pair (as with any yen pair) always leaves you taking the daily hit of interest difference. Though the fall from 170 was a great short there isn't much more room to go down unless the pair breaks it's recent support zone to take another wave step lower to a newer low level.

I'll wait for a good long entry near support zone. Only a few hundred pips away, That will reduce Risk/Loss should it continue downward.