On the 30th December, EURJPY has penetrated 132.00 and threatening to breach 133.00 for a resistance level of 133.55.
The last day of 2009, EURJPY showed a tremendous moved upward from Asian opening up to New York closing.
Early bullish contention was indicated after two hours of Tokyo open, when prices touched the previous day high. Then price form an inclining wedge indicating a minor reversal that was captured by the 50% retracement of swing low in late New York session to the previous swing high in early Asian session. A piercing candle was also formed at the 50% retracement level.
My entry was a that time for long with first target at previous high/resistance of 132.83 and next target at 133.00.
Price after reaching the first target at 6:40 GMT (20 minutes before European open) started to register a high volatility. A pennant with horizontal resistant and diagonal support was formed in the next 30 minutes about 5 pips below the 133.0 level.
A penetration of the above horizontal resistance, EURJPY managed to move through the 133 and ended around 133.10. I fade the move for a reversal and at London open I exited from the market.
For the last day of 2009, EURJPY managed to reach the 133.50 level. The last week of the year, EURJPY has moved from 131.50 on Monday and closed on the 31st December at 133.50 level.
