Forex technical analysis: EURJPY tries to stay above swing area.
Can it stay above the 131.975-132.175?
The EURJPY has moved sharply higher today and in the process has moved some key technical levels:
- The price moved above the 100 hour MA in the Asian Pacific session (blue line currently at 131.439)
- The price moved above the 200 day MA at 131.54. That break is not new of late, but today the level was broken and the price ran
- The price moved above the 131.975-132.175 area. That area is home to a number of swing levels going back to Feb 22
All that is bullish. Moreover, the low in the NY session stalled right around the 131.975. That keeps the bulls more in control.
The problem for longs may come from the stock market. It is trading at the low for the day now with the S&P down -0.65%, the Nasdaq down -1.00% and the Dow down -144 points or -0.55%.
The market is getting nervous about trade wars again. That might lead to some flight back into the "relative safety of the JPY" Technically, a move back below the 131.975 would be a more bearish move. Be aware.