I believe there is a high probability of forming a false breakout in EUR/JPY m15.
If price breaks below the horizontal level (blue line) and forms a swing low during the time cycle zone (two vertical lines) I expect that price moves upwards and that breakout becomes false breakout. So I'm looking for a long position in the time cycle zone.
Good luck
P.S. Note that this analysis is my opinion and might be wrong. It is not a trading advice.
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I expected more volatile price movement inside the rectangle but it did not happen. price bounced back from the support area defined earlier. Based on the time cycle analysis I'm out here but it might continue upwards.