EURJPY moves back to the 200 hour MA, and finds support buyers on the test.

Technical Analysis

Author: Greg Michalowski | eurjpy

Price continues the ping-pong between the 100 and 200 hour MA

As per an earlier post, the price of the EURJPY cracked a trend line and the 100 hour MA, and moved lower. The price dipped below the 200 hour MA, but the momentum could not be sustained.

The pair started to use the 200 hour MA as support.  The price moved to the 100 hour MA (blue line) and found sellers.  The price action is ping-ponging between the two MAs/  

So the battle lines remain in place with support at the 200 hour MA, and resistance at the 100 hour MA.  

At some point the bulls or the bears will make a push and a break. Be aware.   

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