Tests 38.2%, trend line and swing area as well
The EURJPY has extended to a new session high and in the process has moved above the 200 hour MA at 123.607. The pair fell below the 200 hour MA (green line) on Tuesday last week (near 123.73) on it's way to the low on Thursday at 122.84. The pair today, was able to get above the 100 hour MA (blue) today, but not without some hesitation (at 123.246).
The price rise is also testing a downward sloping trend line at 123.68, a swing area at 123.62 to 123.70 and the 38.2% retracement of the move down from the November 9 high. That comes in at 123.715. Moving above that cluster of resistance will have traders looking toward the 50% and the 100 day MA (overlayed on the hourly chart) at 123.984.
