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.
