Buyers consolidate after the break higher
The EURJPY moved sharply higher last Friday and in the process closed back above its 200 day moving average. The price had last traded above that level on September 30.
On Monday, after early volatility (and lack of liquidity), the price started to based against that 200 day moving average (green line in the chart above) and ultimately trended higher. The pair's run took the price above its 100 day moving average (blue line in the chart above) currently at 130.488.
In trading today, the price action has been up and down with a new high be made at 131.266. However, the low price today stalled well ahead of the 100 day moving average and below keeping the buyers in firm control. The price also stalled the day near the swing high going back to September 3 at 130.736
It would take a move back below that level at 130.736, AND below the 100 day moving average at 130.484 (and swing higher 130.464), to tilt the bias back to the downside. Until then the buyers remain in control.
