Today, Morning Asian session for EURJPY mirror the previous day movement which saw the pair moved below the opening session and recovered toward lunch time.
When EURJPY touched 135.50, it is at 61.8% retracement from the swing low at 7:00 GMT 12 August to swing high at 12:00 GMT 13 August.
On 1 MTF chart, the 61.8% retracement occurred at 3:41 GMT (the white vertical line). At this level it was also the previous day low( a major support level). I entered 3 minutes later at 135.65 with my target at 135.95 (30 pips target). managed to exit about two hours later.
Early trade indicated that there was some demand for Yen crosses heading into the Tokyo Fix but that demand were quickly abated, with exporters selling USDJPY, putting pressure on yen crosses towards the end of Asian session. The Shanghai Composite was down by 2% and added to the selling pressure of Yen crosses.
