Back above 200 week MA at 128.24
I am getting some inquiries about the EURJPY today. The pair has moved above the 200 week MA at the 128.24. The pair has been trading above and below that MA over the last 3 weeks of trading. Stay above will be more bullish.
Looking at the hourly chart, the pair today based against the 100 and 200 hour MA today. The price has been non-trending around the MA levels over the last 8 or so trading days (for the 100 hour MA at least). The basing off the MA and extending higher is good technically. Traders will be looking for transition from non-trending to trending. However, the next target at the topside trend line looms above at the 128.54 level. That would be a step in the bullish direction.
SO there are reasons to think more bullish but the burden is still on the buyers to keep the move today going. A move above that trend line on the hourly is the key.
