EUR/JPY Price Analysis: Bears seeking an extension to channel support

As per the start of the week's analysis, EUR/JPY Price Analysis: Bears seek break of daily support, bulls anticipate monthly higher-high, the cross is consolidated between support and resistance still. 

However, there could be an opportunity for traders within the channel and the 1-hour time frame is offering prospects of a downside continuation as follows:

However, while there is clearly a bearish bias, there is plenty of structure on the lower time frames that should be considered, such as the 15-min and potentially further upside left in the correction:

In the above chart, the point of control, (POC) for the current session, is critical and may serve as a support, guarding the downside target. Therefore, bears may wish to approach such a set up at reduced risk. 

However, a break of current support, for which has already happened, was enough to offer an opportunity.

A sell limit can be placed at the old support structure, 126.10, which would be expected to act as resistance on a bullish retest. 

A stop-loss above the highs, 126.22, offers protection from a rally through low volume nodes into the 126.30s for a 1:2 risk to reward position. 

Update: Breakeven

The position is now risk-free with a close below new resistance structure and even the POC.