The EURJPY has traded support and resistance levels in trading today. The high for the day reached near the highs from yesterday. That level comes in at 137.966. The 200 hour MA in in that area as is the 38.2% of the move up from the April low. The price high was also comfortably below the swing level at 138.231 (blue numbered circles).
The subsequent move to the downside (helped by the USDJPY moving lower mostly), has seen the pair return to the 100hour MA at 136.55, the 61.8% and a swing area all near 136.45 area.
So resistance held and support held. The price is nearer the low, but support levels are stalling the fall. Flip a coin, but at least the trading range is defined, and traders can look for the next break.
This article was originally published by Forexlive.com. Read the original article here.