Backs off the MA level
The EURJPY spiked higher into the 200 hour MA at 130.336, but found sellers against the level. The price has since moved back to the 130.00 level, just above a swing level at the 129.92. A move below that level would disappoint the buyers and should lead to the sellers taking back more control.
The pairs run up was helped by a rebound in the USDJPY which saw the price base against the old double top at the 110.01-02 area (see chart below). The price also moved back above the 200 day MA at 110.16 and showed some momentum.
Looking at the EURUSD, the corrective move higher today took the price back to the swing area at the 1.1816-21 (see prior post outlining the levels importance). Once that held (see red circle 5 on the chart below), the price quickly reversed. The fall helped to push the EURJPY lower with it.
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