End of bullish channel

EURJPY is expected to be bearish as yesterday, the close is below the pivot point and the previous day close.

The pair rally from yesterday early morning European session and ended 15 minutes after Toyo open today with an evening star candle.

The pair broke the upward channel line and the Tokyo opening price at 0:45 GMT and I took a short position.

On the 1 MTF chart,I took a short at 0:41 GMT when the red lag fall below 85 and the both CCI cross the 30 EMA and the zero line. BB macd fall below the zero line with a negative cross.

Resistance at 100% Fibo Expansion

Yesterday EURJPY rally after US sesion opened was stalled at 137.45 of 100% Fibo Expansion and retreat.

The pair found support with 60 EMA and consolidate with a triangle. At Early Australian session, the pait break through the lower traingle channel and by 24:00 GMT a reversal candle patternwas formed with a doji and a morning star.

I prepared my entry when price moved aboved the pivot point and the opening Asian price.

The Yen ..........weakness in late May

Since May 18, EURJPY was on the uptrend with pair have gained more than 1,000 pips.

The April 6 high of 137.4 and the 100% fibo expansion from swing low of April 28 to swing high at May 11 created the immediate resistance.

Yesterday the pair gyrating between 134.85 and 134.0 during the Asian and European session before exploding upward to R3 during the US session.

Today Asian session the pair moved sideway at the pivot point and the opening price.

The pair is expected to move downward if it managed to breach the pivot point at 134.94 with support at S1(134.70). If the pair managed to overcome the opening price which have been tested twice, the resistance is at 137.20.

My scalp entry is at 7:54 or 4:54 GMT, when the pair tested the opening price for the second time. If failed to breached it with CCI cross over the 30 SMA from above and the B&S signal is red and the sidewinder is green, I made an entry for sell. The BB Macd also showed a negative cross.

My first target is at 76.3 spud fibo (136.43) and the second target at pivot point and the round number at 136.00.