The EURJPY took a big dip around the time the NFP report came out, but it has been up, up, up since then. The price is making new year highs/highs going back to 2008.

The EURJPY is trading between the lower and higher ranges.

The EURJPY is trading between the lower and higher ranges.

Looking at the hourly chart above, the pair is trading between two parallel trend lines. The topside trend line was tested at 149.50 – the low trend line has come in at 149.21. The pair ping pongs between the levels. Overall, the buyers remain in control. What will change it?

  1. Can’t get above the 149.50 area
  2. A move below the lower trend line at 149.20 currently
  3. A move below the 149.21 level (old year high from November 20).

The buyers remain in control until there is more downside signs.