The 200 hour MA and swing area stalled the fall. The underside of broken trend line stalled the rally.
The EURJPY fell for the 2nd consecutive day in the early Asian session helped by the break of a trend line (see red numbered circles). Yesterday, the 100 hour MA (blue line) gave way for the first time since May 26th that tilted the bias lower.
However, the selling on the break of the MA had a limit. That limit stalled at the 200 hour MA (green line), and a swing area at 121.26-36.
Since then, the pair has battled back and retraced the day's losses, but has found selling pressure against the underside of the broken trend line (see red numbered circle 4).
The combination of support holding and stalling the fall at the 200 hour MA, and the underside of the broken trend line holding resistance, has the buyers and sellers battling it out. Traders are looking for the next shove above or below. Sellers are giving there best (after a steady rise higher) but if the pair is going lower, it needs to not only stay below the broken trend line, but also crack below the 200 hour MA (and swing area).
