100 hour MA and trend line tested at 132.55.
The EURJPY is a key technical crossroad at the 100 hour MA and trend line support.
Looking at the hourly chart below, the pair has seen the price stay above the 100 hour MA since September 11. On September 19 and September 20, that MA (blue line) was tested and bounced. Today, we are back down testing it at 132.55, along with a trend line connecting the Sept 10 and Sept 20 lows.
A break is more bearish. Staying above and the highs from last week and this week are targeted.
Below is the picture of the daily chart.
The pair was finally able to run away from the 200 day MA on Thursday. That day also saw the price move above and away from the 50% retracement.
The recent highs this week have moved above the 61.8% but stalled ahead of the April high at 133.479. It is a kinda random high so far. The low today also bottomed near the 61.8% retracement. So buyers are not giving up just yet (low today reached 132.52 with the 61.8% at 132.575). That is another important technical level to get back below if the sellers are to take more control.
