EUR/JPY 1/20/2021 16:05 (DEMO)

EUR/JPY 1/20/2021 16:05
Fundamental/Sentimental
Cot: COT data suggests that price action follows hedge positions quite closely, in fact is rather sensitive to it. There is little delay in it’s effects as well. Now, from a non-behavioral perspective, although it may seem that hedges are overdue to change in direction relatively overdue. However, a slight tick currently has yet to be reflected in price action, which may suggest an infectivity due to an insufficient amount of demand, which can only call for a change in net funds.
News and Events: JPY important event regarding monetary policy tentative today, other tentative events. (Further understanding regarding news events needs to be understood)
Technical
Time Frame Analysis: Monthly: Pressure from a currently testing trendline, possibly drawn to a magnetic structural level. Weekly: Buyers entering market, creating new uptrend, only 2 touches in. Daily: Structural levels and fibonacci zones indicating a definite possible move to the down side before continuing uptrend. 4H: Down side move likely to incur a retest before making it’s down. 1H: Clear consolidation affirms this, higher low as well.
Indicators: RSI supports my entry on all timeframes.
Entry
Position: 0.03 of 5,000USD Account Balance
RR: Perfect fitment of a 3:1, take profit of 107.8 pips risking 35.4 pips.