The EURJPY moved to the lowest level since May 13. The move also took the price below its 200 day moving average for the 1st time since March 16. The price entered into a swing area between 132.70 and 133.47, but could not sustain downside momentum. The price has bounced higher and trades near session highs.
Drilling down to the hourly chart, the rebound back above the 200 hour moving average and back above the topside channel trendline, open the door for further my momentum. More recently, the price has moved above swing lows and highs from yesterday and today between 134.94 and 135.145. For buyers looking for more upside, that area is now close support. Stay above 134.94 and the upside can be further explored.
On the topside the next target comes in at 135.523 which was a low price from last Friday/last week. Above that and the 38.2% retracement of the move down from the July 27 high. That level comes in at 135.72. Above that and traders will target the 100 hour moving average at 136.64.
