The eurjpy pair has the two bigger moving averages quite flat on this 1 hour chart.
We deduce therefore that we are not in a strong trending mode for this pair.
Also when price finds itself between the blue and purple moving averages it is a sign of indecision of price.
Therefore we refer to the use of lower lows and lower highs of this chart.
This means that I would prefer to be a bear and to follow the way of least resistance.
I might therefore suggest to short from the blue moving average and to place my target at number 5.
A possible stop loss placement might be over the blue moving average plus the spread of this pair.
Best of PIPS