Forex technical analysis: EURJPY cracks below a trend line but 100 hour MA stalls the fall

Technical Analysis

Author: Greg Michalowski | eurjpy

Buyers come in on queue


Be aware. 

The EURJPY hit a resistance ceiling area earlier in the session and rotated lower. However, Be aware that although the price fell below a trend line, the 100 and moving average stole the full at the 135.55 level. That has given the dip buyers a reason to stick a toe back in the buying water and the price has moved back higher. 

The buyers came in on queue. 

Drilling to the 5-minute chart, the bounce off the 100 hour MA has the pair retesting the 200 bar MA on that chart and the 38.2% retracement at 135.84. The 50% retracement in the 100 bar moving average come in around 135.93.  A move above those levels will give the dip buyers more confidence the low is in place.