100 and 200 hour moving average is containing the EURJPYs price
The EURUSD reached its most recent cycle high (highest level since July 13) last Friday. The high price came in at 130.73 on three separate hourly bars. The final failed attempt to move higher sent the price lower and toward the rising 100 hour moving average (blue line).
On Monday and again on Tuesday, the price skimmed along that rising 100 hour moving average. There were small attempts to move below the moving average line, but momentum could not be sustained.
Finally today, after pushing back toward the high from last week and coming up short, the sellers were able to push the price through the 100 hour MA and make a run toward its rising 200 hour moving average. That moving average held support and the price has waffled up and down between the MAs over the last 10 or so hourly bars.
The buyers and sellers are stuck in a battle.
At some point, the price will break away from the MA levels and hopefully trend in the direction of the break (at least for a trade). Until then, traders will lean against the extremes with stops on the ready on a break.
