EURJPY continues the run higher and back above 100 day MA

Technical Analysis

Author: Greg Michalowski | eurjpy

EURJPY 100 day MA at 124.00

The EURJPY cracked above a number of technical levels yesterday including the:
  • 200 hour MA  (green line in the chart currently at 123.59
  •  A downward sloping trend line, and 
  • The 38.2% retracement at 123.715
That tilted the bias to the upside.

EURJPY 100 day MA at 124.00
Today, the pair based above those levels and extended higher.

The price has now moved above the 50% of the range since the November 9 high at 123.984. and the 100 day MA at 124.00. The high extended to the 61.8% at 124.254 and traded to a high at 124.34.  The last 5 or so hours has seen the price trade above and below the 61.8% at 124.254. We currently trade just below that level. 

The close risk is a channel trend line on the chart above at 124.09 (and moving higher). Stay above, and the buyers are in control. Move below and traders will be eying the key 100 day MA for more bullish or bearish confirmation.   

On the topside, the 124.42 to 124.494 are swing highs from November 16 and November 12.  A rising channel trend line currently cuts across at 124.54 (and moving higher).  

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