EUR/JPY: DOWNWARD CHANNEL / LONG SETUP 4H

Thank you for taking time to view my analysis. As shown above, I've made my setup fairly simple and easy to understand, it's quite self explanatory. Price has respected the downward channel and harmonic wave length, and is now working it's way to the channel bottom, confluence with the 127% extension of the BC leg and a fresh demand zone. Although this is a counter trend trade which can be risky, with all the confluences stated above, I believe there's a high probability to see a correction before further downside movement.

PS. There are other fib confluences, but I've decided to not draw them as it would clutter the chart. I've just included the main fib for this trade (stated in the speech text).

Please feel free to comment below for any questions or suggestions regarding my analysis.

Thanks
MaiTrader