Watching EURJPY. Testing 200 hour moving average
The EURJPY is pushing the 200 hour MA. The moving average comes in at the 126.32 level. The price has dipped to 126.25, but the price continues to range above and below the key moving average level . A move below should next target the 125.98 where the 100 hour MA is found. A further leg down would target 125.83. If the price can hold and close the hour above the 200 bar MA a move back up to 126.58 would be the next target with 126.68 and the high at 127.00 being the progressive steps up.
A move down in the EURJPY would likely need to be helped along by a move below the 90.90 in the USDJPY. This level has been a level of resistance until today when a move above was achieved. The high reached 90.94 but the price has since rotated down to test the key 90.90 level. It is a key level for the USDJPY and will likely be influential in the EURJPY’s fortunes at its key level as well today.
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