Forex technical analysis: Keep an eye on the EURJPY

Earlier highs becoming support

Keep an eye on the EURJPY. Although the correlation can be iffy, the sharp fall in the US stocks has not solicited selling in the EURJPY. in fact it is up on the day (it used to be that stocks fall so do the USDJPY and the JPY crosses).

Looking at the 5 minute chart the pair is dipping after trading at new highs for the week. It is also finding support buyers against what was a high ceiling from earlier today. If that floor/old ceiling can be broken, if may be enough to solicit more selling. The 200 bar MA on the 5 minute chart is also being tested. So key moment for the pair.