From the 100 day MA to the 200 day MA
The EURJPY is a big gainer in trading today - rising by 2.29% today.
On Wednesday and Thursday, the lower global had the price looking to break the 100 day MA at the 133.50 level (haven flows). Today the price is back up testing the 200 day MA at the 137.036. Stocks and more confidence on Greece are helping the cause.
When the price trades between the 100 and 200 bar MA and those MA are a distance apart, I call it trading between the Goal Posts. Eventually, there is a break, but until then (with momentum), the price may be more inclined to ping pong between the extremes.
Zooming into the shorter term intraday picture by looking at the 5 minute chart, the price is now seeing a little more weakness in the last few minutes and is down testing the 100 bar MA at the 136.60 level (blue line in the chart below). A move below that level will look toward the 136.413 (38.2% of the last trend move higher) and the 136.147 will be eyed (50% of the same move). .
The goal posts defined by the 100 and 200 day MA are wide. The market seems to be more happy trading between them for the time being Eventually we will get that break. In the meantime, take the technical clues from the shorter term chart. The 5-minute chart is still more bullish above the 100 bar MA. A break below may change some of the bias, to the downside. Watch the MA for that clue.
