EURJPY finds some upside resistance against 38.2% retracement

Written February 1, 2012 at 10:30 AM EST by  

Like a lot of pair, the EURJPY has reversed some of the declines from yesterday. The price has moved above channel resistance and moved to the 38.2% of the move down from the January 26th high to the low today (at 100.363 see chart above). The price moved above that level but has not been able to close above this level today.  ON a move above be aware that the 100 and 200 hour MA are converged at the 100.63 level. I would expect good resistance at the level.

On the downside the 99.95 level is the underside of the trendline.  Look for support on dips toward that area.

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