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EURJPY moves higher on increased risk appetite

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The EURJPY was vaulted higher today on increased risk appetite and corrective forces in the pair. The price rebounded to the 124.46 high yesterday which was in between the last low price on February 1st of 124.59 and the low from April 2009 at 124.36 (see chart above).  The current price is back below these two levels at the 124.20 area and could look to target support against the 100 bar MA on the 5 minute chart at the 123.96 level.  A move below should target lower levels with the potential to wander back down toward the 200 bar MA in the same chart at 123.38 currently.   

However, until that time the 100 bar moving average on the 5 minute chart is broken (see blue line in the chart below), the bias remains supportive with topside moves above 124.59 needed for an extension that could next see a test of the 125.91 area (38.2% of the last move down in the pair - see daily chart above).

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