Not much correction after the move higher
The EURJPY yesterday raced higher after breaking out of a range area between 130.557 to 130.678, and the high from April 20 at 130.96. The move higher surged to 131.49 yesterday.
Today, the pair has consolidated with a low floor between 131.37 to 131.406. There have been a number of swing lows in that area (see red numbered circles on the chart below). The last few hours has seen the price move back above the 100 /200 bar MA on the chart below and run back above the Asian session high at 131.58. The pair is trying to stay above that level now. If it can, the price looks like it is ready to make another run higher.
If the price is broken, the 100/200 bar MAs at 131.51 will be eyed. Move below, and the selling could see more downside probing once again.
