The EURJPY has been up 5 of the last 6 trading days since bottoming on January 3rd at 137.377. That is a rise of 544 pips.
The high price reached 142.85. That sniffed the 100 day MA at 143.026. The price high today also tested the December 28 high at 142.926. Getting above both of those levels (and the 61.8% retracement as well at 143.15), would give the buyers more control/confidence.
On the downside, the pair is back in a modest swing area between 142.286 and 142.487. The 50% of the range since the December 15 high at 142.048 is also another downside technical level to eye on more selling pressure. Move back below the midpoint level would be a confidence booster for the sellers from above.
This article was originally published by Forexlive.com. Read the original article here.