Trading back above the 200 hour MA
As the EURUSD breaks above the 200 day MA for the first time since May 2018, the EURJPY is also having a strong move higher today. That move came after trading to a new low since June 3.
The move higher has taken the pair above its 100 hour MA at 121.473, the 38.2% retracement of the move down from the June high at 121.789 and the 200 hour MA at 121.896. We just moved to a new session high and in the process scooted to the 50% retracement of the same move higher at 122.05. The price just reached 122.083.
Risk for longs is now at the 200 hour MA. Stay above and the bulls are firmly in control. Move below, and there may be some more profit taking into the weekend.