100 hour MA at 127.82. 200 hour MA at 128.41.

The EURJPY price moved higher on Tuesday but spent most of the day moving higher and lower in at 128.136 to 128.43 trading range. That range sits between the 100 hour MA at 127.82 and the 200 hour MA at 128.41.

The price of the EURJPY has been trending more to the downside in October. Stocks have had one of their worst trading months in 10 years. That - along with a weaker EURUSD (stronger dollar) - took the EURJPY down. On Friday, the price fell below a lower trend line on the hourly during (see blue circles in the chart above). That should had solicited more selling. Instead, the break failed, and the corrective move higher began.

The rally higher from the lows, has not been exactly racing. Stocks moved lower on Monday, but today,and the EURJPY price still moved higher (in a choppy trade). Buyers taking more control.

On Tuesday, stocks rebounded but the there was a limit to the upside. That limit is that 200 hour MA - green line - currently at 128.41.

The Bank of Japan may be an influence in trading today. There is China PMI data and the wonder if the stocks can rebound even more. Flip a coin.

But what we do know is the 100 hour MA below and the 200 hour MA above. Those moving averages define the range but traders will be looking for a break.

Right now the buyers are trying to make a play above the 100 hour MA. So they have more control. Having said that , there needs to be a break above the 200 hour MA (and stay above) to give those buyers added confidence. Absent that today, and the dip buyers will give up.

Drilling to the 5-minute chart below, the ups and downs from yesterday show the price trading above and below the 100 and 200 bar MAs (blue and green lines). However. not the Asia low so far stalled ahead of the 100 (blue line) and 200 bar MA. Buyers are trying to keep control. Stay above gives those buyers more confidence. Move back below and there is the chance for a rotation back to the 100 hour MA instead at 127.82.