High for the day tests key technical levels.
The EURJPY is up strongly to start the week off. The range for the day reached 144 pips. The average over the last 22 days has been 89 pips.
Technically, looking at the 4-hour chart, the pair moved up to test the 200 bar MA (green line in the chart above) at 124.70 and the 50% midpoint of the move down from the September 1 high at 124.719. The high for the day reached 124.706 and backed off.
The current bar has moved down to test the low of a swing area between 124.423 and 124.51. The low reached 124.443. The current price at 124.52 is between that support level at 124.423 and the MA/50% above at 124.71 area. Buyers and sellers are battling it out between the two levels and awaiting the next shove.
Buyers are winning today, but there is some key resistance at the highs which could see the bias turn back lower. Watch the levels and the price action.
