USDJPY went flat in late Asian session before became volatile during the first 2 hours of European session. The cross managed to lumber above the daily and weakly pivot point when 200 EMA was seen moving horizontally flat with 60 ema edging slowly upward above the 200 ema. The cross showed a slow ride on the bullish side as the high posted a higher high than the previous high and the low posted a higher low than the previous low.
The setback for the cross to move further upward was the resistance level of the early morning high of the Asian session at 89.45. That resistance level was tested one hour before US open i.e. 13:00 GMT. Subsequently the cross fall back to the 23.6% fibo retracement with a hammer candlestick. Than a doji candles is formed followed by spinning top and a bullish buzo. The next two candles, the open gap up from the previous candle close. By this time i.e 15:00 GMT I am considering to enter my scalping of 1 min TF with an upside bias and breaching the resistance level of 89.45. Note: during this time, the three moving average i.e. 20 sma, 60 ema and 200 ema is sloping upward with the cross steadily moving upward.
On my 1 min chart, at 16:59 GMT the 6 ema cross the 12 ema and both ema’s are above 50 sma with a bullish Stealth LCD and Stealth Buy & Sell filters. I entered long with my profit target at resistance R1 at 89.87 or the psychological level of 90.00. Profit is about 50 pips.
