EURJPY runs into October/November highs and backs off
Swing highs between 124.99 and 125.128 stalls the rallyThe EURJPY moved higher in trading today, but stalled at 125.117. That was just short of the November high at 125.128 and just above the October highs at 124.99 and 125.076. The inability to extend above the ceiling has led to a reversal lower.
Drilling to the hourly chart, the price has fallen back toward an upward sloping trend line and swing area between 124.49 to 124.56 (see red numbered circles and yellow area). Earlier today, the price initially tried to extend above the area, only to fail. The second try however found buyers against the level.
With the price testing the swing area, it is decision time for the buyers and sellers. Will support hold and the price move higher? Or will the area be broken and lead to more downside probing?