The EURJPY formed a reverse head and shoulder pattern during the Asian session yesterday.After breaching the neckline at 128, the pair shot upward in early European session with the moved ended up to the end of yesterday session.
The strong moved is supported by the bullish indicators of lag, CCI and BB Macd.
Price consolidate during toay Asian sesssion and capped bylast Friday high of 131.13.
I am expecting the pair to test the next resistance level at 132.49
For my scalp trade, I noticed that the pair moved below the asian opening price and the 24:00 GMT price. It than break trough the 24:00 GMT price and went sideway. At 6:00 GMT it tested the 24:00 GMT price level.
Looking at my 1 MTF chart, at 6:19 GMTwas a perfect entry for long with all indicators pointing for a buy. Entered at 130.60 with my firts target at 130.90.
With a strong moved, I derefered my exit on BB Macd. At 131.26 BB Macd showed signed of weakness with CCI21 crossed over the 30 SMA from above. Exited at this level for a profit of 66 pips.
