Tests 100 bar MA on 4-hour and 200 hour MA

The EURJPY has been moving lower in trading today in reaction to the weakness in the EURUSD mainly.

Technically, the pair fell to MA support on the 4 hour and hourly charts and bounced on the first test.

Looking at the 4-hour chart above, the 100 bar MA on the 4-hour chart comes in currently at 134.907. The low reached 134.97 and bounced. Also near the level is a swing area around the 134.867 area (see red circles). A move below both would open the door for further declines.

Drilling to the hourly chart below, the 200 hour MA comes in at 135.006 and that too is in play as a support level today (see green line in the chart below).

With support in a MA window from 134.907 (100 bar MA on 4-hour chart) to 135.006 (200 hour MA on the hourly chart), traders can lean on dips if they have a bullish bias. Risk can be defined and risk can be limited.

On the first look, traders did buy. The price has rebounded.

What might give buyers more confidence today?

Looking at the 5-minute chart below, the last corrective highs have come in at 135.46 and 135.50. The 50% of the day's trading range is 135.53. I would think a move above each of those levels would be more positive/bullish. The 200 bar MA on the 5-minute chart (green line in the chart below) is also a level to get back above. It comes in at 135.62 (and moving lower).