Up and down price action today
The EURJPY is seeing up and down volatility today.
The pair rallied in the European session and in the run higher extended above the 100 hour MA (blue line currently at 124.077), toward the Thursday high at 124.494.
The subsequent fall, erased all those gains (and a little more) completing the up and down trading lap today.
The low did trade to the lowest level since November 9th's spike high (and took out the lows from last week in the process), but it was only by a few pips before the current modest bounce started. The pair may have also been supported by the rising 200 hour MA (green line) which is coming into play from a technical perspective.
What now?
Not talked about was the 100 day MA which has seen the price move above and below over the last 3 trading days. It is currently at 123.859. The price has remained below over the last 3 hours. If the price can stay below that level now, the sellers have a shot at going for that 200 hour MA (and swing low area - yellow area on the downside).
Move above the 100 day MA, shifts the bias back toward the topside with the 100 hour MA the target once again.
Overall, with pair trading up and down today, I can't be too sure that the market has a firm grip on what it wants to do. However, for traders, eye some of the aforementioned levels as potential low risk defining areas to lean against and hope.
