EUR/JPY - Potential ABCD to the upside (Daily TF)

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Here we see buyers exhausted at trying to break above the Major Round Number 120.000, which suggests that sellers are now coming in to play. This pair is also making a series of higher highs and higher lows which also suggest price to be moving in an uptrend. I think we would see price selloff and tap the 50% fib level which is also a previous resistance level that has yet to be tested. From there, we will have completed the (C) leg of the ABCD pattern at the 50% fib level and would look to buy based on rejection candlesticks or bullish patterns forming there. SL levels are subjective but we would look to TP at a few targets, such as the -27% & -61.8% fib extensions levels. For now we would look to short the market and then buy for the longer term outlook on this pair.