EURJPY was mentioned by us few times in the Trading Sniper videos that we regularly post here. In those recordings we highlighted the possibility of a bullish breakout there and that is exactly what is happening right now on this instrument.
Our bullish view was supported by following things: first of all, we had an overall up trend started in the June 2016. Second thing was the flag formation (blue lines). This is a trend continuation pattern, so a chances for a bullish breakout were much greater. Third thing was that we defended the 123 support (green lines), which was crucial in the whole 2017. Last but not least was a mid-term support on the 123.80 (pink), which was helping bulls since the 15th of June.
As you can see, there were several positive factors there which all together vastly increased the chances for an upswing. Trading is always a game of the probabilities and you should look for more probable setups there, not possible. By coming several factors together you give yourself and edge over the market.
We do have a bullish breakout here but for the definite 'secure' signal, we need to see the price closing high today. There is still a chance that it was a false breakout and entering too early can be punished. Patient traders will definitely wait for the end of the day.