Yen cross was heavily sold throughout the Asian session. There was USDJPY and EURJPY selling into the fix which continued throughout Asian morning session. The EURUSD was also flat as market was into the Yen crosses.
Two hours after Tokyo open, EURJPY drift under the 133.00 level and then went below yesterday low and 132.50.The major support level at 132.10 area managed to contain any further drop.
After lunch during Asian session, EURJPY shot upward within a step channel to test 132.50.
My first entry was for long at 6:07 (5.07 GMT) on a 123 pattern. Get my target at 132.50-132.60 area.
After testing the 132.50 support price, an ascending triangle with horizontal resistance at 132.68 was formed. A breakout of the resistance and a retest of that level confirmed an upside breakout of the triangle. Thi will be by second buy entry. Target for 20 pips moves.
