Forex technical analysis: EURJPY finds buyers at support

Floor area holds the line

The EURJPY is being influenced by technical buyers against the 133.059-133.256 area. Looking at the daily chart below, this area has a number of swing lows going back to May. There was one dip below in September, with one close below. That was it. So traders - who could define and limit risk - put a toe in the water at the 133.14 and are seeing more willing buyers on the hold.

The price has moved to the 50% of the move up from the April low and stalling a little. Last week, the price broke below the 200 day MA on the EUR weakness. That MA and the underside of the broken trend line are at 134.49

Looking at the 5-minute chart, the move down in the NY session to the support area, has been erased. The price of the EURJPY is back up testing the area from whence the selling began. A move above (133.65) will be eyed now.