Heads up....EURJPY stalled at the 100 day MA earlier today
Now can the price move below other MAs?
Heads up....The EURJPY at the high today stalled right at the 100 day MA (at 126.54 - high reached 126.56). We are well off that level but the hold increases that levels importance going forward. Buyers/longs burned against the level, might look to lean against/ahead of the level on a retest.
On the downside, there is some work to do.
All those levels would need to be busted for more downside momentum.
- THe 100 bar MA on the 4-hour comes in at 125.92.
- The 50% of the range for the month of May comes in at 125.87.
- The 200 hour MA comes in at 125.79.
- There is also a trend line that cuts across near the 125.92 level (and moving higher)
So we know the resistance above. We know the support targets below. Traders can lean against those levels, and/or wait for a break and run. The battle lines are drawn.