Price trades at the highest level since June 17
The EURJPY is up for the eighth straight day. In the move higher, the price last week extended above both its 200 day moving average (currently at 129.91) and the 100 day moving average (currently at 130.433). There has been little in the way of a correction since the breaks.
The price is currently up around 19 pips at 132.69. The high price reached 132.78. In moving higher, the price has moved into the a swing area for the second consecutive day on the daily chart below between 132.469 and 132.88. A move above that area would push the price into the high extreme for the year up to the end of May/early June high at 134.117.
Drilling to the hourly chart, the correction off the high from Friday, to the low reached in the Asian session today, could not get to the 38.2% retracement off the last major corrective low near 130.74. That retracement comes in at 131.993 (call it 132.00). The low today reached 132.141 before moving back to the upside.
If the sellers are to take control, getting below the 38.2% – 50% retracement of the last trend leg higher is a required technical move. Also moving below the 100 hour moving average currently at 131.84 (see blue line in the chart low) is another minimum requirement if the sellers are to take some control away from the buyers.
For now, the pair survived the corrective move to the downside in the Asian session today, and buyers continue to hold full control. Getting above the high from last week, and the 132.88 level, is the next upside targets to get to and through.