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EURJPY moves toward 200 hour MA resistance

113.61 is the 200 hour MA target.  This level may provide some profit taking resistance or slowing of the surge higher for the cross pair.


If profit taking and resistance hold, the price can correct down to the 113.36 and 112.75.

EURJPY consolidating between the “Goal Posts”


I define the “Goal Posts” as the space between the 100 and 200 bar MA. In the chart above the 100 (blue line in the chart above) and 200 bar MA (green line) are 40 or so pips away from each other. Over the last 10 hours, the price has been ranging between the two MA levels. In other words,  it has traded between the Goal Posts. 

EURJPY tests topside resistance now


After testing the 100 hour MA and trendline support earlier in the NY session (at 112.24 area), the pair is now back higher testing the trendline resistance at the 112.68 level. Both levels today are important. A break of either should lead to further momentum in the direction of the break.

EURJPY testing 100 hour MA support. Is it time to break down? Or will support hold again?


The EURJPY is down testing the 100 hour MA support level at the 110.40 level. Earlier the moving average was tested but could not solicit selling interest. With the USDJPY reaching new lows and now through the 81.96 support, this is pressuring the pair. The question is, can the EURUSD also break through intraday support at the 1.3486 level. If selling pressure materializes, the combination could be right for a wander down for the pair.

EURJPY traders use the 100 bar MA as borderline to trade against


The EURJPY has tested 100 bar MA on the 5 minute chart on two separate occassion (the last time at 109.92) in the NY session and each time traders used the level as a borderline to sell against.  The range is narrow but support comes in at 109.71  along trendline  support. A  move below the level should lead to further selling pressure on the break of the bear flag formation. The low for the day at the 109.56 level would be the next target for the pair.  Not far below that level is the 100 hour MA (see blue line below) which is currently at the 109.42 level. 

EURJPY between support and resistance after sharp run up


The EURJPY has had a nice run up today from the lows. The move has taken the price above the 100 hour MA (blue line), the 200 hour MA (green line) but stalled at the highs from the last two days at the 108.91 level.  The subsequent move off the high has so far held the 200 hour MA at the 108.64 level. This keeps the bullish bias intact.  I expect sellers on a break below as the market longs liquidate on the failure to breach the ceiling at 108.91.  If support holds, look for buyers to reenter and make a run at the ceiling.

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